Furniture manufacturer kickstarts recovery plan
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A Dudley-based furniture manufacturer has secured funding to kickstart its recovery plans and expand its interior fit-out division.
Zero Point Eight secured a £120,000 investment from BCRS Business Loans through the Midlands Engine Investment Fund’s (MEIF) Small Business Loan Fund – backed by the Coronavirus Business Interruption Loan Scheme (CBILS).
Since being established five years ago, Zero Point Eight’s joinery division has built a reputation for designing, manufacturing and installing furniture, alongside fulfilling bespoke orders using woodworking and assembly techniques.
Directors Mark Baker and William Evans say the company now has its sights set on recovery and growth following a difficult year due to the pandemic.
Baker said: “We are delighted to have secured MEIF funding, which will initially enable us to manufacture pre-existing joinery and furniture orders.
“We also plan to expand our interior fit-out division, which was established two years ago and is focused on providing turnkey interiors to the private residential care, NHS, education, retail, hospitality and commercial sectors, which includes manufactured furniture, ceilings, walls, mechanical, electrical and floor installations.
“With 45 full time staff at our base in Netherton, we also plan to recruit an additional two people in the coming year. Our hope is to return to pre-coronavirus turnover levels by the second quarter of 2021.”
Lynn Wyke, senior business development manager at BCRS, said: “We are so pleased to have supported Zero Point Eight, allowing the company to achieve its growth and recovery plans.
“As a lender of social and economic impact, it is excellent to see that the company not only expects its turnover to return to pre-coronavirus levels this year, but also that two additional jobs are to be created, which will be vital in helping our local communities recover too.
“We are committed to supporting businesses across the West Midlands region that are unable to secure finance from traditional lenders.”