Teesside bathroom business expanding into international markets with Lloyds
Middlesbrough’s Lusso Stone, a luxury bathroom design business, is set to launch its first showroom and office in the US with support from Lloyds Bank Commercial Banking.
Lusso Stone, on Stokesley Road, will open the new showroom to meet its exporting demand by early 2019 after receiving enquiries from retailers across North America on its products.
As a result, the firm expects to increase turnover by 40-60 per cent to £12m by the end of 2018.
Lloyds Bank implemented a Cardnet facility that helps the firm manage online payments more effectively. The business also used the bank’s International Trade Portal to access information and practical resources to help start exporting.
Founded in 2014 by Wayne Spriggs, Lusso Stone designs and manufactures stone resin bathroom products including sinks, taps and baths, for both retail and commercial clients.
Over the past four years, the company has grown significantly, quadrupling its turnover and working with high profile customers including five-star London hotel, Claridge’s.
The new office will employ four new members of staff.
Wayne said: “The business has gone from strength-to-strength in the past year, and is attracting attention from some exciting clients in the US.
“It’s obvious that there is significant demand for our products in America, so we’ve decided to take the steps needed to establish permanent premises to accommodate and target potential new clients across the country.
“When we mentioned that we’d like to start exporting, our relationship manager introduced us to the International Trade Portal. This has proved to be an invaluable tool as it’s provided us with the background knowledge we’ve needed to plan how we will export, leading to the opening of our first showroom.”
David Pesarra, relationship manager, for Lloyds Banking Group, added: “Lusso Stone is one of many businesses in the North East recognising the benefits exporting can bring.
“Our recent Business in Britain report found that more than quarter of firms across the region believe the US market holds the most opportunities for them over the next six months.
“To help more firms access the tailored guidance they need, we’ve partnered with Department for International Trade and as part of our commitment to help Britain prosper, we plan to support 25,000 new exporters by 2020.”