South Wales-based Hicks Logistics aims to increase its turnover by a third by expanding into warehousing.
It has acquired a 20,000 sq ft unit funded by £554,000 in finance from HSBC to support the project.
Hicks forecast that the diversification into warehousing would help increase its current turnover of £7.5 million to around £10 million.
Terry Hicks, managing director, said: “The expansion into offering warehouse services has been driven by demand from our customer base. It broadens the range of services we can offer and will support the growth of the business.”
“HSBC knows our company and the management team and the finance provided is testimony to the belief the bank has in us.”
The acquisition will see the company take on ten new employees at the site, which is next to its existing base at the Severn Bridge Industrial Estate in Caldicot.
Roger Pratt, HSBC area commercial director for Cardiff and South East Wales, added: “Hicks Logistics has certainly shown signs of an upturn in recent months.
“We are pleased to have supported this expansion, which is helping to create jobs and boost the local economy.”
