London-based tech distributor Newtech Worldwide has received a seven-figure finance package from HSBC UK to support its growth strategy.
The funding has been important in helping the business, which specialises in the international distribution of consumer electronics, purchase additional stock to meet an increase in demand from its customers.
In recent months, the company has seen demand for consumer electronics grow as people continue to adopt hybrid working. This has led to sales growth of 40 per cent in the last year, meaning the ability to purchase additional stock has helped the business maximise profit.
The funding from HSBC UK has also allowed Newtech Worldwide to import greater levels of stock at reduced rates, which has proved particularly helpful in managing growing import costs.
Jaimeet Singh, Director at Newtech Worldwide, said: “HSBC UK has been instrumental in supporting our business as it continues to grow. The funding has helped mitigate the effects of rising import costs whilst enabling us to meet customer demand for products such as smart home devices, routers and any technology that enhances the capabilities of working from home.
“Our Relationship Manager at HSBC UK, Indika Perera, has supported us every step of the way and we really value his continued belief in our business goals.”
Jason Mowe, HSBC UK’s Area Director for Business Banking in East London, added: “HSBC UK is pleased to support this innovative small business with its ambitious growth plans. With the demand for technology continuing to rise as hybrid working becomes the norm, we look forward to supporting the business in the years to come.”
About HSBC UK
HSBC UK serves over 14.75 million customers across the UK, supported by 24,000 colleagues. HSBC UK offers a complete range of retail banking and wealth management to personal and private banking customers, as well as commercial banking for small to medium businesses and large corporates.
HSBC Holdings plc
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US $3,022bn at 31 March 2022, HSBC is one of the world’s largest banking and financial services organisations.
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