GB Tyres secures £11.5m deal for West Bromwich site
A West Midlands tyre supplier has rolled into a new warehouse in West Bromwich thanks to a £7.6 million funding package from HSBC UK.
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GB Tyres has used the seven-figure commercial mortgage to support the purchase of the £11.5 million site.
With the company’s second site based in Oldbury, this brings all of its storage facilities into the West Midlands, adding the 7.5 acre site to its property portfolio.
To staff the new space, GB Tyres has recruited ten new employees from the local area, with plans to hire further in the coming months.
The central location allows the business to easily distribute orders across the UK, and the additional capacity enables GB Tyres to expand its variety of stock to cater to more clients. The company is also looking to expand internationally. As a result, the company is anticipating a 20 per cent increase in turnover.
Sukhi Singh, Director at GB Tyres, said: “We are excited to open our new warehouse in West Bromwich, which represents a major step forward for GB Tyres.
"This new facility will enable us to better serve our customers across the UK, supporting our plans to boost sales across the country. With this move complete, we can shift gears to focus on increasing our footprint in Europe, and we look forward to sharing more about our international growth plans soon.”
Gary Riley, relationship director at HSBC UK, added: “The West Midlands is a global hub for innovation in the automotive sector, and we are proud to support GB Tyres in expanding its presence in the region which has created work for local people in the process. Looking ahead, the company has an ambitious growth plan, and we are excited to leverage our international expertise to help achieve these goals.”
GB Tyres supplies tyres for cars, vans, trucks, coaches, OTR, and agriculture in the UK and Europe. Established in 2011, it stocks tyres from all major manufacturers, including premium, mid-range, and economy.
Hawkins Hatton Corporate Lawyers has assisted Sukhi for a number of years, and Colin Rodrigues (Corporate Partner at HH) said: “I always tease Sukhpal and say that other than Lego, he is the largest tyre distributor in the UK, but joking aside, I have seen the determination and vision that Sukhpal has, so it is no wonder why he is a success in his sector.”
