Hull furniture business set for expansion with new £1.8m bank deal

A family furniture business is set to expand and refurbish its Hull factory and offices after securing a £1.8m finance package from Lloyds Bank Commercial Banking.

Kingstown Furniture, on Leeds Road in the city, manufactures living room and bedroom furniture which it sells to a number of national and local furniture retailers.

The £25m turnover business now plans to add a further 10,000 sq ft to the factory and modernise the offices on its 11-acre site.

The additional space will enable the business to increase production capacity, create a new facility for prototyping new products, and design and make new products.

As part of the refurbishment, Kingstown Furniture has also used an asset finance facility to invest in new IT equipment.

Richard Sharp, the managing director whose father founded the business 40 years ago, said: “The business has certainly come a long way since my father started building and selling furniture from his garage in 1976.

“Throughout the time that we have been with Lloyds Bank, it has always backed the business and shown that it has understood the cyclical nature of our sector.

“This investment gives us room to continue our growth, and paves the way for us to enter new markets and create new jobs in the years to come.”

Matthew Pollard, relationship director at Lloyds Bank Commercial Banking, added: “We have worked closely with Kingstown Furniture for more than a decade now, and in that time have seen it grow from strength to strength.

“This project paves the way for them to continue that growth for years to come by enabling it to invest in new product development and expand its range, while also creating the extra manufacturing capacity to accommodate that growth.

“We are committed to supporting mid-market sized businesses like Kingstown Furniture and providing tailored lending options that suits their needs and drives long-term sustainable growth.”

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