20 July 2024, 13:46
By Furniture News Mar 11, 2024

Belfield benefits from £7.5m investment

The Belfield Group has received investment of £7.5m from its principal stakeholders, NorthEdge LLP and Virgin Money, which forms part of a wider package of measures designed to support the business in completing its transformation plans for Westbridge, Tetrad, Belfield Home & Leisure and Clinchplain.

Belfield says the investment package is strong evidence of the confidence being shown in the business by its principal stakeholders, and will enable further investment in plant, equipment and system upgrades, modernisation of its facilities and a faster roll-out of its people-first plans. The group confirmed that the investment will enable it to be more agile and efficient for its customers in order to better respond to market opportunities, delivering on its stated ambition to be the most efficient, most effective, and most admired business in each of the markets within which it operates.

Tom Prestwich, group MD (pictured), comments: “This investment from NorthEdge and Virgin Money is great news for the group, and for everyone at our Westbridge, Tetrad, Belfield Home & Leisure, and Clinchplain operations. We are proud of our heritage in design-led innovation and in the quality and craftmanship of our products. We have brilliant and talented people at the group who have worked tirelessly through challenging market conditions to enhance the group’s status as a people-first, customer experience-driven, design-led business and I can’t wait to work with them to deliver our future. Special thanks to NorthEdge and to Virgin Money for showing their support and confidence in us to deliver on our plans.”

Nicola McQuaid, investment director for NorthEdge LLP, says: “We are delighted to be investing in the group at this time. The group’s plans are very exciting and will deliver substantial strategic value to all stakeholders. Tom and his wider team have done a magnificent job to reposition the group as a resilient business in a challenging market and we look forward to working with him and his team.”

Tracey Bailey, senior director at Virgin Money, adds: “Virgin Money has enjoyed a long and successful relationship with the Belfield Group, and we are delighted to play our part in supporting the business at this exciting time.”

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