Bathroom business secures £2m to create 50 jobs and expand store estate
Bathroom specialist Cubico (UK) has secured a £2m growth capital facility to support its store roll out programme which will create 50 jobs.
The cash injection from ThinCats will enable the business to drive growth while investing in 10 showroom openings throughout the year, creating 40 new jobs in-store as well as 10 additional roles at its head office.
Headquartered in Birstall Cubico offers high-specification bathrooms and ancillary products as well as a full design service, selling to both trade and retail customers through its 15 showrooms as well as a trade counter at its distribution centre.
The business was founded in 2014 by the majority shareholder Craig Waddington.
Laura Green, finance director at Cubico (UK), said: “When the business started, it was funded through equity and, as the business has grown, we have been able to take advantage of the opportunity to bring the shares back into company ownership with the management team. With ambitions to expand our number of showrooms significantly, we sought to refinance the debt on our balance sheet and were introduced to ThinCats via Credit Square in London.”
“The facility offers us an additional level of headroom that will allow us to capitalise on the growth that we are experiencing and accelerate our rate of expansion through our new showroom openings. Whereas previously we were looking at opening one store every three months, now thanks to the facility from ThinCats, we will be opening a new showroom every six weeks. Our plan is then to consolidate, maximising our turnover through the new outlets.”
Dave Sherrington of ThinCats added: “Cubico (UK) Ltd has developed an established process for successfully identifying and opening new stores. As a relationship-driven funding partner, we looked to gain a strong understanding of the business and its ambitions in order to structure an effective funding solution that will enable it to continue to invest in its store roll out, while maintaining a sufficient cash buffer to reduce pressure on the business as it grows.”
