Furniture supplier is looking to expand with the backing of £10m loan

Lancashire based wholesale furniture supplier GFW is set to expand with the support of a funding package worth £10m.

Established in 2009, the company provides UK retailers with bedsteads, living room and bedroom furniture and storage, combined with delivery and customer support services.

With the backing of HSBC, GFW has purchased its current trading premises in Eccleshill from its former landlord, securing the 205,000 sq ft property and 55 acre site as a permanent home.

The business plans to refurbish the premises and expand its warehouse facilities.

Supported by HSBC’s trade finance facilities, GFW has also taken steps to increase its product range by importing from markets in East Asia, primarily China.

The business expects to increase its product portfolio by up to 20 per cent.

The investment in its premises and products means the business expects to grow its revenue by 15 per cent over the next 12 months and has plans to recruit more staff to meet the growing demand from customers.

Jonathan Ponsonby, Managing Director at GFW, said: “We are delighted to receive financial support from HSBC.

“We operate in a crowded market place and our customers demand an ever increasing range of furniture products.

“By owning our premises we now have the platform from which to deliver a greater range and improved customer experience. We’re now expecting our turnover to increase within the next year.”

Richard Beaumont, HSBC’s relationship director for Greater Manchester, said: “We strive to help SMEs grow across the North West and we are proud to support GFW.

“The company is a great example of the type of businesses we support: ambitious and focussed on growth. We look forward to seeing the business flourish in the future.”