Derbyshire firm gets into bed with West Mids counterpart

A West Midlands independent bed retailer has expanded its footprint in the region and completed the acquisition of an East Midlands counterpart, after securing a £460,000 funding package from Lloyds Bank Commercial Banking.

Comfort Beds, which has stores in Sutton Coldfield and Walsall, has purchased Derbyshire-based Richardsons Furniture as part of a plan to widen its network of stores over the next few years.

Comfort Beds is a bed and mattress specialist and sells an extensive range of sofas, bed frames, divans and bedroom furniture including many of the industry’s leading brands, such as Silentnight, Sleepeezee, Rest Assured and Harrisons.

The business says it has experienced a significant uplift in demand for its products since the start of the pandemic, with people undertaking more home improvement projects. Midlands.

Richardsons Furniture, which is based in Swadlincote, sells modern and traditional style furniture including lounge suites, dining rooms and bedrooms. The business is also a specialist retailer of orthopaedic chairs.

Comfort Beds has enjoyed considerable revenue and profit growth in recent months, and following the acquisition of Richardsons Furniture, the firm’s annual turnover is expected to double. The enlarged business now employs 12 staff across its network of stores, with all Richardsons Furniture’s three staff remaining at the Swadlincote store.

Established in 1992, Comfort Beds is owned by husband and wife duo Lisa and Darren Smith. Alongside its retail operations, the business also offers a wider range of services to customers including the disposal of old beds and even a new bed set up service.

Lisa Smith said: “We know just how important it is to have the right bed and we’ve seen an incredible uplift in demand for our products over the last few months, as people opt to spend money improving the comfort of their homes, rather than going out or taking holidays.

“The acquisition of Richardsons Furniture is a great fit for our business and its diverse product range adds a powerful new capability to our existing offering. The combined assets of the enlarged store network will enable us to innovate and provide an even more exceptional service to our customers both here in the Midlands and further afield. The team at Lloyds Bank has been a great source of support, helping us to create a clear strategic organic and acquisitive growth plan from day one, and we couldn’t have completed the deal without this support.”

Mark Corfield, relationship manager, Lloyds Bank said: “Despite the widespread challenges that the retail industry has faced recently, Comfort Beds is a great example of a small local business that is thriving and expanding. It has a strong reputation for quality and service that really resonates with consumers, and this deal brings many additional strategic and operational benefits that will provide the firm with a sound footprint in the East Midlands from which it can further grow its market share.

“We will be by the side of the business over the coming months, as we will be by Midlands firms in all sectors that need our support.”

Click here to sign up to receive our new South West business news...
Close