More than work
Founded in 2020 and headquartered in Derby, Cubo already offers high-quality flex office and co-working space across ten locations – in Birmingham, Derby, Edinburgh, Glasgow, Leeds, Manchester, Newcastle, Nottingham and Sheffield – with plans to continue expansion. They have a membership model that gives flexible office options from hot desks to private offices or full floors. Members also get 24/7 access to meeting rooms and lounges, plus networking events and other perks.
Having attracted the attention of private equity firms because of their impressive growth, in 2023 Cubo chose to accept a minority investment from Literacy Capital PLC to support their growth strategy.
Tapping into the MMGF programme for Cubo’s £6m Term Loan
Cubo and Literacy Capital recently wanted to restructure their debt and approached us to explore different financing options. Based on Cubo’s financial performance, their long-term business strategy and the resulting funding requirements, we arranged a £6 million Term Loan facility through our Mid-Market Growth Fund (MMGF) programme. The Term Loan will be used to recapitalise £4.6 million of loan notes, as well as fund the capital expenditure for the new sites in Cubo’s pipeline.
NatWest committed to help businesses thrive
Marc Brough, Cubo, commented: “We are excited to have agreed this new Term Loan with NatWest, paving the way for our further expansion across the UK. We thank the NatWest team for their excellent insights, their expertise, and their brilliant customer service throughout the process, and are looking forward to a long and happy partnership with them.”
Chris Lewis, Director, NatWest, said: “We are delighted to support Cubo with this facility which will allow them to continue to provide premium office space to the many sectors they serve. This transaction reflects our purpose to help businesses thrive and is yet another example of how multiple specialist teams within our bank can work closely together to deliver the best outcome for our customer. We look forward to seeing Cubo go from strength to strength, and to continue supporting their growth journey.”
Image credit - © Cubo Work 2024
