Overlay

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.”

This article has been prepared for information purposes only, does not constitute an analysis of all potentially material issues and is subject to change at any time without prior notice. NatWest Markets does not undertake to update you of such changes.  It is indicative only and is not binding. Other than as indicated, this article has been prepared on the basis of publicly available information believed to be reliable but no representation, warranty, undertaking or assurance of any kind, express or implied, is made as to the adequacy, accuracy, completeness or reasonableness of the information contained in this article, nor does NatWest Markets accept any obligation to any recipient to update or correct any information contained herein. Views expressed herein are not intended to be and should not be viewed as advice or as a personal recommendation. The views expressed herein may not be objective or independent of the interests of the authors or other NatWest Markets trading desks, who may be active participants in the markets, investments or strategies referred to in this article. NatWest Markets will not act and has not acted as your legal, tax, regulatory, accounting or investment adviser; nor does NatWest Markets owe any fiduciary duties to you in connection with this, and/or any related transaction and no reliance may be placed on NatWest Markets for investment advice or recommendations of any sort. You should make your own independent evaluation of the relevance and adequacy of the information contained in this article and any issues that are of concern to you.

This article does not constitute an offer to buy or sell, or a solicitation of an offer to buy or sell any investment, nor does it constitute an offer to provide any products or services that are capable of acceptance to form a contract. NatWest Markets and each of its respective affiliates accepts no liability whatsoever for any direct, indirect or consequential losses (in contract, tort or otherwise) arising from the use of this material or reliance on the information contained herein. However this shall not restrict, exclude or limit any duty or liability to any person under any applicable laws or regulations of any jurisdiction which may not be lawfully disclaimed.

NatWest Markets Plc. Incorporated and registered in Scotland No. 90312 with limited liability. Registered Office: 36 St Andrew Square, Edinburgh EH2 2YB. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. NatWest Markets N.V. is incorporated with limited liability in The Netherlands, authorised and supervised by De Nederlandsche Bank, the European Central Bank and the Autoriteit Financiële Markten. It has its seat at Amsterdam, The Netherlands, and is registered in the Commercial Register under number 33002587. Registered Office: Claude Debussylaan 94, Amsterdam, The Netherlands. NatWest Markets Plc is, in certain jurisdictions, an authorised agent of NatWest Markets N.V. and NatWest Markets N.V. is, in certain jurisdictions, an authorised agent of NatWest Markets Plc. NatWest Markets Securities Japan Limited [Kanto Financial Bureau (Kin-sho) No. 202] is authorised and regulated by the Japan Financial Services Agency. Securities business in the United States is conducted through NatWest Markets Securities Inc., a FINRA registered broker-dealer (http://www.finra.org), a SIPC member (www.sipc.org) and a wholly owned indirect subsidiary of NatWest Markets Plc.

Copyright © NatWest Markets Plc. All rights reserved.

scroll to top