West Brom furniture business gets £500,000 injection
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West Bromwich furniture wholesaler Serene Furnishings has received investment of £500,000 which will fund its ambitious growth plans to widen its product range, upgrade its IT systems, and take on more staff.
The money was provided by Maven Capital Partners, which provided £250,000 from the Midlands Engine Investment Fund (MEIF), and £250,000 from HSBC.
The £50m MEIF West Midlands Debt Fund provides debt finance to of between £100,000 and £1.5m to high growth SMEs in the region.
Serene has traditionally focused on supplying bedroom furniture, but this investment will enable the business to expand and improve its product range to include living room furniture.
Serene Managing Director Tasleem Tasab said:”The funding wil enable us to capitalise on a wider product offering, unlocking several new markets and continuing our upward trajectory as a firm. We are excited about our future prospects and look forward to working with Maven to fully exploit the opportunities available to the business.”
Steve Lewis, Investment Director at Maven added:”We are delighted to support Serene Furnishings’ growth with this investment. The deal is a great example of how the MEIF finance can work alongside an existing lender to provide a flexible funding package to support local job creation and business expansion. Serene Furnishings is a well established business, driven y a highly experienced senior management team and we look forward to working with the company as it enters a new growth stage.”
Director of the British Business Bank, Grant Peggie said:”It is encouraging to see how MEIF is supporting the growth of Serene Furnishings in West Bromwich including a new investment in the firms IT systems and operations. It is also good to see that new jobs are being created in the Black Country as the company continues to diversify into new markets and grow.”
