Ilkeston-based The Belfield Group, manufacturers of upholstered furniture and home furnishings, has received a £7.5m investment from its principal stakeholders, NorthEdge LLP and Virgin Money.
The investment comes as 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.
It will enable further investment in plant, equipment and system upgrades, modernisation of facilities and a faster roll-out of its people-first plans.
Tom Prestwich, Group MD, said: “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, said: “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, Virgin Money, said: “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.”
