Secure Trust Bank Commercial Finance has provided facilities of £750,000 to Faith Furniture, a business that supplies kitchen furniture to retail trade.
The Bolton-based company provides a range of kitchen furnishings to the retail trade across the country. It employs 23 staff and is led by managing director Paul Jenkinson.
The funding line will enable Faith Furniture to increase its stock, as it looks to branch out into both the bedroom and bathroom markets, as well as boosting its cashflow.
The company was introduced to Secure Trust Bank by Johnny Abraham, managing director of J9 Advisory. Leeds-based J9 Advisory works with SME businesses across the North of England to deliver business finance and restructuring projects, together with cashflow improvement and business asset disposal services.
Paul Jenkinson, managing director of Faith Furniture, said: “In the current strong economic climate, we are one of many businesses looking to achieve rapid growth in a profitable fashion, but to do that you need funding.
“Both J9 Advisory and Secure Trust were extremely efficient, meaning that we had documentation signed and sealed within four days from introduction.
“This facility will aid the company in developing its product range and will help us reach our objective of doubling the size of the business in the next five years.”
Dave Green, regional sales director at Secure Trust Bank Commercial Finance, said: “Faith Furniture is another great example of a British manufacturing business in a highly profitable market that, with its specific needs, would struggle to access traditional bank lending.
“As such, we are pleased to provide this funding line, aiding the business to keep ahead of the game in terms of funding stock and maximising its growth potential.
Johnny Abraham, managing director of J9 Advisory, said: “Having developed a strong working relationship with Paul and his team, we were keen to assist them in securing the funding that they required.
“With the specific facility requirements and time constraints, Secure Trust Bank seemed the obvious choice to deliver this. We are pleased to be able to help Faith Furniture move closer to achieving its growth objectives.”
Secure Trust Bank is an AIM-listed challenger bank part of Arbuthnot Banking Group. It launched its Commercial Finance arm in September last year and has teams in Manchester, Birmingham, Newcastle, Bristol, the South Coast and London.