Tuesday, August 16, 2022

Bed retailer acquires Derbyshire firm

An independent bed retailer has expanded its footprint and completed the acquisition of a complementary business after securing a £460,000 funding package from Lloyds Bank Commercial Banking.

Comfort Beds, which has stores in Sutton Coldfield and Walsall, has purchased Derbyshire-based Richardsons Furniture as part of an ambitious growth plan to widen its network of stores over the next few years.

Richardsons Furniture, which is based in Swadlincote, sells modern and traditional style furniture including lounge suites, dining rooms and bedrooms. The business is also a specialist retailer of orthopaedic chairs, which it primarily supplies to care and residential homes across the region, as well as private customers.

The deal with Richardsons Furniture provides Comfort Beds with a well-established footprint in the East Midlands region, bringing an additional 140 years of expertise to the firm, and a customer base covering Derbyshire, Staffordshire and Leicestershire. The Swadlincote store has been fully refurbished as part of its amalgamation into the Comfort Beds network.

Comfort Beds has enjoyed considerable revenue and profit growth in recent months, and following the acquisition of Richardsons Furniture, the firm’s annual turnover is expected to double. The enlarged business now employs 12 staff across its network of stores, with all Richardsons Furniture’s three staff remaining at the Swadlincote store.

Established in 1992, Comfort Beds is owned by husband and wife duo Lisa and Darren Smith. Alongside its retail operations, the business also offers a wider range of services to customers including the disposal of old beds and a new bed set up service.

Lisa Smith, Managing Director and co-founder of Comfort Beds, said: “We know just how important it is to have the right bed and we’ve seen an incredible uplift in demand for our products over the last few months, as people opt to spend money improving the comfort of their homes, rather than going out or taking holidays.

“The acquisition of Richardsons Furniture is a great fit for our business and its diverse product range adds a powerful new capability to our existing offering. The combined assets of the enlarged store network will enable us to innovate and provide an even more exceptional service to our customers both here in the Midlands and further afield.”

Mark Corfield, Relationship Manager, Lloyds Bank, said: “Despite the widespread challenges that the retail industry has faced recently, Comfort Beds is a great example of a small local business that is thriving and expanding.

“It has a strong reputation for quality and service that really resonates with consumers, and this deal brings many additional strategic and operational benefits that will provide the firm with a sound footprint in the East Midlands from which it can further grow its market share.”

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