Hyperama acquired the finance from HSBC UK to increase its importing capabilities, refurbish its warehouse and support its growth ambitions.
The food and drink wholesaler will use part of the finance package to modernise its West Bromwich site. The business also plans to use a £2.5m combined trade and overdraft line to increase imports from the Far East, together with an increase in other working capital lines to support the expansion.
The business hopes to create up to 10 new jobs for the local economy as a result of the funding.
Marcus Singh, managing director of Hyperama, said: “We’re delighted to receive financial support from HSBC UK. Our customers demand an ever-increasing range of food and drink products from overseas and the funding package puts us in a great position to meet this demand. It will also allow us to tap into new trade markets. We plan to continue working closely with our relationship director at the bank, Graham Brown, who will be pivotal in helping us grow Hyperama’s geographical footprint.”
Roger Pratt, HSBC UK’s area director for corporate banking in the East Midlands, said: “Our global insight and expertise in supporting businesses that import and export means we can provide more than just financial backing. We share guidance on how to capitalise on new business opportunities and negotiate better deals with suppliers. HSBC UK is dedicated to supporting ambitious businesses in the Midlands, and Hyperama is no exception.”