Bristol-based Southwest Upholstery says Lloyds loan lays foundations for future growth
Bristol-based Southwest Upholstery has secured an £862,000 loan from Lloyds Bank allowing it to expand operations.
The company, which repairs, recovers, and manufactures seating and employs 25 people, has seen demand lift up by 30% as summer trading picks up for its key hospitality and leisure customers.
The finding package from the bank has meant it can buy a CNC machine and increase total operating space by 75%.
The business expects to increase turnover to £4.5 million this year from £3.5 million in 2022.
Ryan Ball, director at Southwest Upholstery, said: "Upholstery isn’t always at the forefront of innovation so it’s crucial we introduce the changes needed to secure the next generation of craftsmanship. Like all businesses, we have peaks and dips in demand so it’s vital we adapt quickly to provide a reliable service for customers.
"The support provided by Lloyds Bank has allowed us to lay down foundations that will fuel the business’ growth for the next five to ten years. It will also inject a new lease of life into our manufacturing process through state-of-the-art technology that will help us provide a continued quality product to our customers."
John Howell, relationship manager at Lloyds Bank, added: "Manufacturers have been at the forefront of a variety of economic challenges throughout the last two years. So, it’s encouraging to see a business like South West Upholstery making moves to futureproof and streamline its operations while taking advantage of seasonal uplift in demand."
Southwest Upholstery also recently received separate funding to invest in green credentials by installing 40 solar panels on its headquarters roof in Bristol.
The 14KW capacity panels will have the power to service 60% of the business’ energy demand.
