CINCINNATI - One of Cincinnati's fastest-growing companies is growing again.
Online-auction specialist Everything but the House is planning to hire approximately 275 people at a new distribution center in the Cincinnati area.
"The new distribution center will enable us to further streamline some of our existing processes and cut down on shipping times,” EBTH said in a statement to WCPO.
The Ohio Tax Credit Authority approved Monday a seven-year, 1.3 percent tax credit worth an estimated $590,0000 to enable the $1 million expansion at a yet-to-be-determined site. EBTH said the roughly 100,000-square-foot facility will be somewhere in the Cincinnati region. EBTH will retain 97 jobs as part of the expansion.
EBTH already has more than 500 employees and revenue of about $30 million. It has raised $43 million from investors in pursuit of an expansion strategy that would establish new EBTH offices in more than 30 cities in North America and Europe. It already operates in 19 cities, connecting a global network of collectors and bargain hunters to families selling their assets in estate sales and empty nesters unloading possessions as they downsize.
“We’re excited about expanding our reach,” CEO Andy Nielsen told WCPO in March. “We’ve got our eyes set on building a global brand that serves clients near and far.”
It’s the second time since September that Ohio has considered tax breaks for EBTH, which considered moving to Chicago last year before settling on a new headquarters at the Fourth and Walnut Centre Downtown. To encourage that move, the Ohio Tax Credit Authority approved a five-year, 5 percent Job Creation Tax Credit worth an estimated $103,000. EBTH promised to create 40 new jobs paying an average of $50,000.