Lincolnshire-based wholesale supplier Classic Furniture is set to expand with the support of an HSBC funding package worth £2.7m.
HSBC’s support will ensure that Classic Furniture has the ability to enter new markets and increase its product range to existing customers. Classic expects to grow its revenue by 10% over the next 12 months, and plans to expand its staff numbers to meet growing demand from its UK customers.
Director Dave Rippin says: “We’re delighted to receive financial support from HSBC. Our customers demand an ever-increasing range of furniture products. The funding package puts us in a great position, ensuring we can meet customer demand whilst tapping into a new trade markets. We’re now expecting our turnover to increase within the next year, and are looking forward to new opportunities as we continue to grow our business.”
Adam Kelly, HSBC’s area director for North Yorkshire and the Humber, comments: “We strive to help SMEs grow through our dedicated lending fund and we are delighted to support Classic Furniture. The company is the perfect example of the type of businesses we support – passionate about what they do and dedicated to ensuring the business maximises its potential.”
The deal was completed by Daniel Wilson, HSBC’s corporate relationship director in North Yorkshire and Humber.