Faith Furniture has secured £750,000 of funding from Secure Trust Bank Commercial Finance, which it says will allow it to increase stock and boost its cashflow as it branches out to the bedroom and bathroom markets.
The Bolton-based kitchen company's MD Paul Jenkinson – the former MD of Mark Two Distributors – said the investment will help the company to develop its product range and achieve its objective of doubling in size in the next five years.
The company was introduced to Secure Trust Bank by Johnny Abraham, MD of J9 Advisory, which works with SMEs to deliver cashflow improvement and restructuring projects.
Jenkinson said: “In the current strong economic climate, we are one of many businesses looking to achieve rapid growth in a profitable fashion, but to do that you need funding.”
Secure Trust Bank Commercial Finance regional sales director Dave Green added: “Faith Furniture is another great example of a British manufacturing business in a highly profitable market that, with its specific needs, would struggle to access traditional bank lending.”