A seafood wholesaler importing and selling produce to countries around the world has secured a six-figure funding package it says will secure its future following the "heavy impact" of the Covid-19 lockdown.
Manchester -based Cupid Trading imports frozen seafood from India, Vietnam, Indonesia and Bangladesh, selling to the hospitality sector in the UK, Poland, Belgium, Denmark and the Netherlands.
The company, founded in 2016, said the funding package from HSBC will ensure it can manage stock and improve cashflow.
It comes after Cupid began to experience disruption due to the pandemic in February - and was forced to temporarily cease trading.
With the backing of HSBC UK’s Coronavirus Business Interruption Loan Scheme, Cupid Trading has been able to strengthen its financial position, ensuring it had the capital to remain stable while the business was unable to deliver products to customers.
It is now beginning to resume some key operations as the hospitality sector re-opens.
Over the last two weeks, the firm has seen an increase in sales of 40% in three countries, and it brought back 70% of its workforce to meet demand.
Ahmad Ahsan, director of Cupid Trading, said: “Prior to the lockdown the company was in a strong position. The funding from HSBC UK has ensured that we can continue essential operations and will protect the long-term stability of the company.
"I would like to thank the team at HSBC UK for all their efforts in getting this loan finalised quickly. We can now plan ahead and play our part in restarting the exporting to EU, hotel and restaurant industry.”
Cupid trading also provides seafood buying consultancy and sourcing services through its offices in the Far East.
Ingredients procured by Cupid Trading can be found in 5-star hotels and supermarkets like Auchan and Carrefour around the world.
Darren Martin, relationship manager, Greater Manchester, HSBC UK, added: “With over 25 years of experience in seafood, Cupid Trading has been able to establish itself as one of the most respected names in its industry.
"We look forward to seeing the business recover from this difficult period and continue to grow.”
