Natural wool sleeping products and homeware company Woolroom has unveiled plans to expand internationally after receiving funding from Santander UK.
Santander UK provided the Rutland-based business with a six-figure funding package to support its plans to increase sales in the US. The package includes foreign exchange support, and the bank has provided Woolroom with international expertise to connect it with product distributors and home delivery partners in the US. Woolroom has also shifted its day-to-day banking to Santander UK.
The US market currently represents 25% of the business' sales, and it plans to grow this figure to 50% over the next three years.
Woolroom sells its products - including beds, mattresses, bedding, accessories, homeware and children’s sleep items - to clients through its four stores in the UK (in Ipswich, Marlow, Oakham, and Peak Village in Rowsley) and via its website, which attracts international customers (particularly from the US and Europe) and print catalogue.
The retailer says the increase in demand - particularly in the US market - for bedding products made from natural materials is a driving force in the business' growth. The company’s annual turnover increased from £5.7m in August 2020 to £8.5m in August 2021, and it is targeting £12m this year.
MD Chris Tattersall (pictured) says: “Santander UK is a true partner to our business, working hard to understand our vision, challenges and goals, and supporting us to move forward and grow profitably across all of our markets.”
