ThinCats provides £2m facility to bathroom company

Bathroom company Cubico (UK) Ltd has secured a £2m working capital facility from ThinCats.

Cubico – which has its headquarters in Birstall, West Yorkshire – offers high-specification bathrooms and ancillary products, as well as a full design service to both trade and retail customers.

The business was founded in 2014 by the majority shareholder Craig Waddington, who has worked in the industry since 1999.

ThinCats structured a tailored repayment profile, which includes an initial 12-month, interest-only period to accelerate the organic growth of the business while the company invests in 10 new showroom openings throughout the year, creating 40 new jobs in-store and 10 additional roles at its head office.

“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,” said Laura Green, finance director at Cubico.

“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.”

Laura added that ThinCats got to grips with what Cubico was trying to achieve early on, adapting its product to suit the bathroom company’s requirements within a bespoke funding package.

“The facility offers us an additional level of head room 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, business originator at ThinCats, added: “This is a great example of a UK business that specialises in delivering stylish and affordable high-end products and deserves the funding to drive further growth and flourish. 

“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.”

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