Woodscape carves out funding package

A BLACKBURN firm that makes wooden benches and litter bins has secured £950,000 from HSBC to support further growth.

Woodscape has won several major contracts including a commission to provide Tesco with street furniture for a store improvement programme, and to supply the Queen Elizabeth Olympic Park in east London.

The finance package includes invoice finance and other working capital facilities from HSBC’s Lancashire Commercial Centre in a deal led by senior international commercial manager Richard Smith.

Woodscape was founded by managing director Richard Nelson’s parents in 1980 and now has sales of £5m and some 80 staff. Annual revenues are expected to grow to £6.5m this year.

Mr Nelson said: “We have experienced strong growth and forecast more of the same this year, so we needed a finance package that meant that growth wouldn’t put too much strain on our working capital. We were impressed with HSBC’s approach and the facility that Richard and his team put forward. Plus, we have an international element to our business, so HSBC fits in nicely with that.”