Mobile phone accessories firm to create jobs after moving to new warehouse
Leicestershire-based CUBE Distribution, a wholesaler of mobile device accessories, has moved into its first owned HQ after landing a £580,000 commercial mortgage from HSBC UK to buy new warehouse space.
CUBE Distribution has used the bank funding to buy a new 11,500 sqft warehouse in Coalville. CUBE had previously been renting units in Loughborough. The firm says the new warehouse will it to increase stock holding, meaning CUBE will be able to grow its customer base and increase turnover and create four new jobs.
Founded in 2006, CUBE Distribution started as a specialist distributor of mobile device accessories. As the company has expanded, it has also diversified its stock to include a range of consumer electronic devices.
Maan Al-Rawi, chief executive officer of CUBE Distribution, said: “The growth of CUBE Distribution has been a labour of love. Having started the business as a sole trader with a stall at the local Sunday market, it is amazing to see the success of the business over the decades. As the consumer electronics market has evolved, we have managed to stay one step ahead of the curve, understanding the products that will receive demand as the sector develops.”
Al-Rawi continued: “The investment from HSBC has helped us to purchase our first warehouse and satisfy an increased demand from our customers. We are looking forward to strengthening our relationship with the bank and our Relationship Manager, Anthony Greenfield, as we aim to increase turnover by £6m over the next five years.”
Dave Welch, HSBC UK’s area director for business banking in the East Midlands, said: “HSBC is committed to helping ambitious businesses in the UK expand their operations and thrive. We’re thrilled to be able to support CUBE Distribution with the necessary funding to continue its growth.”