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.

       Share via email

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.

Surface Print

"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."

All lending is subject to status.

Invoice Finance

Find out more about Invoice Finance

Find out moreopens in new window

Important legal information

The products and services outlined on this site may be offered by legal entities from across Lloyds Banking Group, including Lloyds Bank plc and Lloyds Bank Corporate Markets plc. Lloyds Bank plc and Lloyds Bank Corporate Markets plc are separate legal entities within the Lloyds Banking Group.

Calls may be monitored or recorded in case we need to check we have carried out your instructions correctly and to help improve our quality of service. Please note that any data sent via e-mail is not secure and may be read by others.

Lloyds Bank is a trading name of Lloyds Bank plc, Bank of Scotland plc and Lloyds Bank Corporate Markets plc. Lloyds Bank plc. Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no.2065. Bank of Scotland plc. Registered Office: The Mound, Edinburgh EH1 1YZ. Registered in Scotland no. SC327000. Lloyds Bank Corporate Markets plc. Registered office 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 10399850. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278, 169628 and 763256 respectively.

Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS). Please note that due to FSCS and FOS eligibility criteria not all business customers will be covered.

Lloyds Banking Group includes companies using brands including Lloyds Bank, Halifax and Bank of Scotland and their associated companies. More information on Lloyds Banking Group can be found at www.lloydsbankinggroup.com

While all reasonable care has been taken to ensure that the information provided is correct, no liability is accepted by Lloyds Bank for any loss or damage caused to any person relying on any statement or omission. This is for information only and should not be relied upon as offering advice for any set of circumstances. Specific advice should always be sought in each instance.