Furniture wholesaler targets expansion after £6m funding deal

A Birmingham furniture wholesaler has targeted expansion after acquiring its premises with the support of a £6m finance package.

Heartlands Furniture, which sources high-quality furniture from the Far East and Brazil and distributes it to retailers across the UK, has used a £6.2m loan from Lloyds Bank Commercial Banking to buy the premises on Cranford Street.

Expansion could see the firm create eight jobs, while it is also ploughing the cash into a range of new equipment as it looks to build on a solid platform.

The business, founded in 2002 and which employs 55 people, plans to increase its productivity and turnover by investing in three new trailers, a tractor unit and two new trucks, backed by a £150,000 asset finance facility from Lloyds Bank. The fleet expansion will assist in distributing furniture to its clients around the country.

The finance package also includes a working capital facility to support its export purchasing.

Saleem Shareef, managing director at Heartlands Furniture, said: “We invest a lot of time and income into sourcing furniture and have been growing steadily for years. From purchasing the premises, we saw a great window of opportunity to make some positive changes.”

He said the bank’s support had enabled it to turn its growth strategy into a reality.

Paul Warrington, relationship manager at Lloyds Bank Commercial Banking, added: “Heartlands Furniture is an ambitious firm that has a lot to offer to both local companies and national retailers who want access to furniture from across the world. When Saleem approached us for support, we saw an opportunity to boost a business that has great potential.”