Wallpaper manufacturer rolls out global growth plans thanks to £2.5 million funding package
Lancashire wallpaper manufacturer, Surface Print, is set to grow revenues by more than 40 per cent after boosting production to meet growing international demand.
Read time: 5 mins Added: 14/03/2019
Accrington-based Surface Print has agreed a £2.5 million funding package from Lloyds Bank to help it grow its workforce by a fifth, creating 20 new jobs and boosting capacity over the next 12 months.
The move will help the firm, which already works with luxury design customers in more than 70 countries, to increase production by 20 per cent and begin exporting to 15 new locations by 2020.
A tailored solution
Lloyds Bank has provided a term loan and invoice discounting package, which releases up to 90% of the value of issued invoices, typically within 24 hours, to support the company's growth plans.
The fourth-generation family business, which was founded in 1990 by John Watson, supplies more than 100 brands across the world and generates 40 per cent of its sales overseas.
"Lloyds Bank took the time to really get to know our business and arranged a funding package that was exactly tailored to our needs."
James Watson, managing director, Surface Print
James Watson, managing director at Surface Print, said: "Wallpaper has come back in fashion over the past decade with consumers, retailers and designers across the globe now requesting a wider range of high-quality designs.
"The funding we've received from Lloyds Bank has given us the financial headroom to boost production and meet clients' growing requirements and, as a result, we expect our turnover to hit £10 million by the end of 2020."
The firm uses a range of production capabilities, from heritage techniques to the latest print innovations, to create a variety of luxury wallcoverings. In September 2016 it also launched its own brand of wallpaper, 1838 Wallcoverings, that it sells worldwide.
"Surface Print has an excellent reputation overseas, but to push forward with the next phase of its expansion, it needed the correct funding in place."
Garry Birchall, relationship director at Lloyds Bank
An ambition to invest
Garry Birchall added: "Products such as invoice finance are perfect for ambitious firms that are looking to grow their overseas presence, as they enable businesses to release cash tied up in unpaid invoices that can then be reinvested in the firm."
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