The company specialises in the international distribution of consumer electronics
London-based tech distributor Newtech Worldwide has received a seven-figure finance package from HSBC UK.
The funding will be important in supporting its growth strategy and will help the company purchase more stock to meet customer demand for consumer electronics, brought on by the continuation of hybrid working.
Demand has meant sales for the company has increased by 40 per cent in the last year and the additional stock has helped maximise profit.
The funding has also meant Newtech Worldwide can import more stock at reduced rates which has been useful in managing growing costs of import.
Newtech Worldwide director Jaimeet Singh 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.”
HSBC UK’s area director for business banking in East London Jason Mowe 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.”