Lancashire furniture business targets revenue growth with £10m funding

Lancashire-based wholesale furniture supplier GFW is expanding with the help of a £10m investment.

The funding package, provided by HSBC, enabled the company to acquire its trading premises in Eccleshill and secure the 55-acre site as its permanent home.

GFW plans to refurbish the 205,000 sq ft premises and expand its warehouse facilities.

The firm will also work to increase its product range 20% by importing from China and other East Asian markets.

As a result of the investment, GFW is forecasting revenues to rise 15% over the next 12 months. It will also hire additional staff.

GFW’s managing director, Jonathan Ponsonby, said: “We’re delighted to receive financial support from HSBC.

“We operate in a crowded marketplace and our customers demand an ever increasing range of furniture products.”

He added: “By owning our premises we now have the platform from which to deliver a greater range and improved customer experience. We’re now expecting our turnover to increase within the next year.”

HSBC’s relationship director for Greater Manchester, Richard Beaumont, commented: “We strive to help SMEs grow across the North West and we are proud to support GFW.

“The company is a great example of the type of businesses we support – ambitious and focussed on growth. We look forward to seeing the business flourish in the future.”