Pusheen owner aims for record growth after securing CBILS loan
A London retail supplier has reported that it is aiming for “record growth” after securing a loan and expanding its range.
Magnum Brands, which owns Pusheen and PowerSquad, has received the loan from HSBC UK to help it get back on track following the UK’s lockdown.
The company reported that it was on course for record growth in 2020 before Covid-19 put its existing and future orders on hold.
The pandemic also impacted Magnum Brands’ supply chain, with planned shipments from abroad being delayed or cancelled.
The CBILS support from HSBC UK ensured Magnum Brands could continue to pay suppliers and secure current stock orders, allowing them to supply clients again once stores began to reopen.
The support from HSBC UK will also help the company invest in strong growth areas in the coming months; the company will be investing in global licenses and developing more products within technology, homewares and beauty, in response to increasing consumer demand.
Sundip Patel, founder and shareholder of Magnum Brands, commented: “We were on track for a record breaking year in 2020 but with the challenges the global retail sector has faced it meant we required support to help keep our plans on track.
“Thanks to the support from HSBC UK, we’ve been able to support cash flow and can now invest in some exciting growth opportunities so that we can emerge even stronger.”
Rob Brand, deputy head of Corporate Banking for South & West London, HSBC UK, said: “The retail industry has undoubtedly been one of the hardest hit sectors during the pandemic.
“Magnum Brands has a strong track record of success and the support provided will undoubtedly protect their strengths as retail recovers.”
Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →