Classic Furniture, a trade-only Lincolnshire-based wholesale furniture supplier, is set to expand after landing a funding package worth £2.7m from HSBC.
Established in 1989, the company provides retailers with timber cabinet furniture and chairs, combined with delivery and customer support service. The funding deal will mean that Classic Furniture has the ability to enter new, larger markets and increase its product range to customers, including new colours and designs.
Classic Furniture, which is based in Binbrook, says it expects to grow its revenue by 10% over the next 12 months and has plans to expand its staff numbers.
Dave Rippin, director at Classic Furniture, said: “We’re delighted to receive financial support from HSBC. Our customers demand an ever increasing range of furniture products. The funding package puts us in a great position, ensuring we can meet customer demand whilst tapping into a new trade markets. We’re now expecting our turnover to increase within the next year and looking forward to new opportunities as we continue to grow our business.”
Adam Kelly, HSBC’s area director for North Yorkshire and the Humber said: “We strive to help SMEs grow through our dedicated lending fund and we are delighted to support Classic Furniture. The company is the perfect example of the type of businesses we support: passionate about what they do and dedicated to ensuring the business maximises its potential.”
The deal was completed by Daniel Wilson, HSBC’s corporate relationship director in North Yorkshire and Humber.