ThinCats has agreed a 2million capital facility for leading bathroom company, Cubico (UK) Ltd.
The tailored repayment profile, which featured a short 12-month interest only period, was structured by ThinCats make it possible for the business drive an automobile increasing organic growth, whilst buying 10 new showroom openings over summer and winter, creating 40 new jobs in-store as well as 10 additional roles at Secret headquarters.
Headquartered in Birstall, West Yorkshire, Cubico offers high-specification bathrooms and ancillary products along with a full design service, selling to both trade and retail customers via its 15 showrooms and by having a trade counter at its distribution centre.
The business was founded in 2014 with the majority shareholder, Craig Waddington, who has worked in the business since 1999. Since then, Cubico (UK) Ltd has changed in a multi-channel business having a full product offering to customers.
Trade sales are created with the Cubico brand, intended to catch the attention of national distributors, house builders and contractors as well as retail arm from the business trades in the Easy Bathrooms brand.
Laura Green, Finance Director at Cubico (UK) Ltd commented: “When this business started, it was funded through equity and, as the business has expanded, we’re able to take benefit for the opportunity to bring the shares back into company ownership using the management team.
“With ambitions to flourish our quantity of showrooms significantly, we sought to refinance your debt on our balance sheet and were made aware of ThinCats via Credit Square within london.”
Laura Green continued: “ThinCats got to grips with the information we had arrived aiming to achieve very ahead of time, adapting their product for our requirements within a bespoke funding package. The power offers us yet another level of headroom that will us to capitalise about the growth that we’re experiencing and accelerate our rate of expansion through our new showroom openings.
“Whereas previously these folks opening one store every 11 weeks, now due to the facility from ThinCats, as well as opening a brand new showroom every 6 weeks. Our plan is then to consolidate, maximising our turnover over the new outlets.”
Dave Sherrington, Business Originator at ThinCats added: “This is an effective illustration of a UK business that specialises in delivering stylish and affordable high-end products and deserves the funding they are driving further growth and flourish. Cubico (UK) Ltd has evolved an existing process for successfully identifying and opening new stores.
“As the relationship-driven funding partner, we looked to get a robust understanding of this business and its particular ambitions as a way to structure a highly effective funding solution that will it to carry on to obtain its store reveal, while a respectable cash buffer to reduce pressure within the business the way it grows.”