The 360Group, which is comprised of 360 Commercial Properties Ltd and 360Coms Ltd, has used £500,000 of the funding to re-mortgage its 5,500 sq/ft commercial property. A further £250,000 overdraft facility is being used to improve cash flow in the business, a move which is critical during times of rapid growth.
The funding has also helped 360Coms Ltd to implement a new billing system and tap into a broader spectrum of wholesale suppliers. In doing so, the company is able to deliver improved value and customer service. This wholesale approach enables the business to buy in bulk, providing its customers with packages that are more affordable, flexible and easier to manage. With a larger portfolio of options, customers can also benefit from improved network reliability and coverage.
Clive Ansell, Managing Director at 360Group commented: “The funding from HSBC UK will be instrumental for our current and future growth. Investing in the business has allowed us to evolve our billing and business model, making us both more efficient and more price competitive. In short, we’ve been able to fund rapid growth by more than 50% since working with Andy Geagen and the team at HSBC UK and we anticipate that we’ll continue to grow substantially - by as much as 200% by 2020.”
Paul Armstrong, Area Director for Business Banking HSBC UK, added: “The 360Group has very ambitious growth plans. The funding from HSBC UK will allow them to take tighter control of business processes and become more competitive. We’re delighted to be able to support Clive and his team to deliver their growth strategy.”