R Soper agrees £8m funding line

BARNOLDSWICK textiles firm R Soper is planning future expansion after securing an £8m finance package from Lloyds Bank.

The firm, which was founded as a drapery shop in Lytham more than 90 years ago, supplies home furnishings such as curtains and furniture coverings to major retailers. The company is the largest producer of blinds in the UK.

It employs more than 300 people and also includes a specialist fabric printer and dyer called Stead McAlpin.

The deal, which sees Lloyds Bank become the company’s sole lender, includes a £6m invoice discounting line, a property loan, and a plant and machinery loan, as well as a letter of credit facility.

Managing director Ben Soper said: “In recent years we have built a fully integrated fabric home furnishings business, which offers the best quality products and a flexible service to customers.

“This full service offering means that we are ideally positioned to further grow our presence in the UK retail market – both through our relationships with leading names and our own brand Sandown & Bourne. Major retailers in this country are putting greater emphasis on buying the best British-made products, having up until recently focused on sourcing goods from the Far East.

“Lloyds Bank has proved to be supportive and alive to the needs to our business, and we look forward to forming a strong working partnership with the team over the coming years.”

Irwin Mitchell advised Lloyds.