Prior to the coronavirus, this Birmingham based company had been operating in full swing, with 10 employees and a turnover of £4 million. However, 2020 hit the UK’s economy hard, including all the SMEs that formed its thriving backbone and this popular business was no different.
Established 7 years ago and having found its place in the mobile accessories market, this brand was going form strength to strength. With smartphones fully integrated into our lives, demand for their products was constant, with mobile phone accessories flying off the shelves faster than ever before.
Then Covid hit and everything changed. Due to operating in the non-essential sector and with most manufacturing ground to a halt, this business struggled to find the stock it needed to continue. With no stream of income, this business grew concerned about its ability to pay wages, rent and to restock when the time came. That’s why Nucleus got involved.
After approaching us online, we paid out £250,000 through a CBILS loan to this leading accessories provider, with repayments spanning over 6 years to make things easier.
On working with Nucleus, the customer said: “It’s been 10/10, very efficient. It was a pleasure working with Nucleus. Rex was helpful, prompt, very professional and straightforward.”
That’s exactly how finding finance for your business should be – quick and simple, not complicated and drawn out. Equipped with enough funds to bolster their cash flow, this business was able to overcome the dip they faced following the UK’s restrictions and after finally buying additional stock, ready to take on the world of mobile accessories once again.
Prompt, very professional and straightforward.
Do you have an urgent need for funding to cover an unexpected cost or to finance expansion? Get in touch today to find out how we can help.