Woodworking firm purchases premises five years after serious fire

A Coventry wholesaler specialising in woodwork machinery has purchased the commercial premises it has been renting for five years following a new funding deal.

Ney Ltd, which is based on the Stonebridge Trading Estate, has been renting the premises after a major fire destroyed its former base.

The company, which was established in 1976, is a leading independent distributor of woodworking machines and woodworking materials, supplying manufacturers of furniture at all levels.

It supplies everything from power tools to CNC solutions, new and refurbished woodworking machines, after sales service and spares. The business has a turnover of more than £13m per annum and employees 79 people.

Shahana Kishver, managing director, Ney, said: “We have wanted to purchase our own premises for some time and waited until our rental property came on the market.

“These premises are well located in a highly sought after area which places us in a good position to expand our business. We will be making some capital expenditure into the site to develop it further to best serve our business.”

The business turned to its long-term banking provider, Barclays, for help.

James Hodgson, Relationship Director for Barclays in the Midlands, said: “Ney Ltd is a well- established business in their sector. I am really pleased we have been able to support them with the funding to purchase their own premises which will provide a great platform on which to further grow the business in the future.”

Pictured from left: Gerd Ney (Ney Ltd), Pat Spragg (Barclays), Shahana Kishver (Ney Ltd) and James Hodgson (Barclays).