A major London retail supplier has strengthened its winter product range and is refocusing on achieving record growth having secured a Coronavirus Business Interruption Loan (CBIL) from HSBC UK.
Magnum Brands was on course for record growth in 2020 before Covid-19 put its existing and future orders on hold, as retailers across the world closed their doors and a record 12.8 per cent of retail sales declined across all stores*. The global 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 as people spend more time at home.
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.”
Magnum Brands was founded in 2004 by entrepreneur Sundip Patel and is now headed up by CEO, Charlie Rudge and supplies wholesalers and household retailers with lifestyle and technology products. The company has seen significant expansion over the past six years, increasing its clientele and increasing operations in the USA and Germany as a result, as well as being ranked on the Sunday Times International Track 200 in 2019.