Natural wool products firm targets Stateside growth after six-figure funding boost
Rutland natural wool sleeping products and homeware company Woolroom has unveiled plans to expand in the US following six-figure funding from Santander UK.
The package includes foreign exchange support, and the bank has connect it with product distributors and home delivery partners in the US. Woolroom has also shifted its day-to-day banking to Santander UK.
The US market currently represents 25% of its sales and the business plans to grow this figure to 50% over the next three years.
Woolroom sells its products – including beds, mattresses, bedding, accessories, homeware and children’s sleep items – to clients through its four stores in the UK and via its website and print catalogue. It plans to extend its range of products with the launch of a woollen sleepwear line in July this year.
The company’s annual turnover has increased from £5.7m in August 2020 to £8.5m in August 2021 and it is targeting £12m this year.
Woolroom was founded in 2008, is based in Oaklandand employs a staff of 27. It plans to hire three additional staff over the next year. Last year, it won a Queen’s Award for Enterprise.
The business has four stores in Ipswich, Marlow, Oakham, and Peak Village in Rowsley, Derbyshire.
Chris Tattersall, Woolroom managing director, said: “Santander UK is a true partner to our business, working hard to understand our vision, challenges and goals, and supporting us to move forward and grow profitably across all of our markets.”
Chris Kovacs, relationship director at Santander UK, said: “We are delighted to have become Woolroom’s banking partner, supporting the next phase of its growth strategy. Our international support solutions and funding package will help it expand further in the US market. The business has a fantastic ethos of delivering ethical and sustainable products and we look forward to working together to deliver growth globally.”