A Norfolk-based manufacturer and supplier of furniture is generating up to 90% of its energy from renewable sources after securing more than £550,000 in funding from Lloyds Bank and Bank of Scotland.
Warings Furniture manufactures and supplies a range of indoor and outdoor furniture to some of the UKs biggest cafe and restaurant chains, producing an average of 66,000 items of furniture each year. Due to increasing demand from customers to reduce their carbon footprint, the business recently decided to implement new sustainable measures.
The support from Bank of Scotland, part of the Lloyds Banking Group, included £190,000 through its Clean Growth Finance Initiative, which provides discounted lending towards measures that reduce a business’ environmental impact.
The firm used the funding to install 76 solar panels for its warehouse, producing an average of 12MW of energy per month and equating to 80% of its total energy need. The installation has to date saved more than 143 tonnes of CO2 emissions.
Warings Furniture used the remains of the full funding package to acquire a biomass boiler, which enables the firm to use waste product from timber to heat its warehouse. This is now the only heat source for the firm and means the company has reduced its fossil fuel consumption by -40%.
The manufacturer is planning the construction of a new 20,000 sqft warehouse facility in Norfolk, in a bid to expand its in-house operations. The move will allow Warings Furniture to unite and expand its joinery, polishing, cutting and upholstery divisions, as well as boost its manufacturing capability by +30% once complete.
Rachael Waring, MD at Warings Furniture (pictured), says: “We’re absolutely thrilled with the support that we’ve had from Lloyds Bank to run more sustainably and introduce measures that will help futureproof our business.
“The UK hospitality industry is committed to removing all avoidable emissions across its supply chains by 2040, so it’s vital that we provide solutions for our customers to help them operate sustainably. The finance we received also allowed us to purchase and install our solar panels incredibly quickly – which ensured we beat the energy crisis last year and saved a huge amount of money.”
Michael Adams, regional manager at Lloyds Bank, adds: “Warings Furniture’s commitment to reducing its overall carbon footprint is admirable and follows a trend that we’re seeing in the East of England. According to the latest Lloyds Bank Business Barometer results, a quarter of firms (25%) in the region are investing in sustainability as an avenue for growth – which is fantastic to see.
“We’re over the moon to be able to offer Warings financial solutions that will support them on their carbon neutral journey.”
