Startup distie moves to new premises
IC Blue which was set up in founder's back bedroom, trebles capacity with new office move
Fast growing wholesaler IC Blue has moved into swanky new premises and is planning rapid expansion after grabbing a six-figure funding package from HSBC.
The Yorkshire-based firm has put down roots in a 5,000 square foot office in Leeds City centre after securing £465,000 in funding from HSBC. Its newer premises will allow it to treble the amount of stock it can hold onsite, expand international sales and bolster its accreditation sheet.
IC Blue currently operates in the consumer goods, medical, telecoms and automotive sectors, but has its eye on the aerospace sector.
It currently employs 20 people, but the move is allowing the firm to create five further jobs and it plans to add a further 15 by the end of the year.
Originally the firm was founded by Matthew Ward and Andrew Lucas, in Lucas' spare room. It primarily services other distributors in Europe.
However it now offers multiple product lines, supplying end-user manufacturers across a range of sectors globally, turning over £4m+ a year and generating around 70 per cent of sales overseas, mainly from Europe, South America and the US.
Ward said in a statement: "This new building moves our business on to the next level. It will enable us to target a wider range of market sectors, such as aerospace, and will also allow us to penetrate our export markets deeper. We want to increase sales in our core international markets and we have now been able to recruit the sales staff required to do that from the Leeds area.
"In addition we have expanded our long term capacity to store product to support customer production requirements. HSBC’s involvement was integral to this deal and we have worked closely with them to see it through to completion.”
Mike Hemingway, HSBC Leeds and Bradford Area commercial director, added: “IC Blue is a company that has expanded by spotting a gap in a market and taking advantage of it. It is a young, ambitious company that has a clear goal to expand its international business. I am pleased we have been able to support the acquisition of its new premises and we look forward to working with the company going forward.”