A Loughborough furniture fit-out business is looking to accelerate its growth ahead of its 25th anniversary, after securing a £250,000 loan from Lloyds Bank.
Fieldhouse Furniture is a female-founded family business which specialises in bespoke large scale interior design projects for high-end student accommodation, homes, boutique hotels and workplaces in the UK and EU.
The £250,000 invoice finance facility will enable Fieldhouse Furniture to access funds earlier, allowing the business to procure materials further in advance, focus on diversification into high-end student accommodation and invest in talent acquisition and development to drive growth.
Invoice finance allows you to unlock up to 90% of the funds tied-up in unpaid invoices quickly, often within 24 hours, without needing to wait for invoices to be settled.
Next year marks 25 years since Fieldhouse Furniture was established, having grown from a small curtain maker to a £5m turnover business, employing more than 115 staff across its international operation. The firm works with well-known developers such as Watkin Jones and Gilltown to deliver the design, supply, manufacturing and fit for projects in the UK, as well as Spain, Portugal, Germany, Italy and the Netherlands.
Elizabeth Wild, founder and Managing Director of Fieldhouse Furniture, said: “The funding from Lloyds Bank will allow us to protect the business against the challenges that the construction industry is currently facing while continuing to drive growth.
“A key area of focus where many businesses are struggling at the moment is talent acquisition. As a family firm, it’s essential that we’re recruiting special people who are going to be a good fit, as well as ensuring that our talent strategy gives back to the local community. This funding will help us to invest in our workforce and secure the business’s future.”
Gemma Heath, associate director, specialist client solutions at Lloyds Bank, said: “Fieldhouse Furniture is a hugely ambitious local business which has demonstrated resilience and the ability to prosper in the face of market headwinds. I’m excited to see what they’ll achieve with the funding.”
Mel Howard, relationship manager, SME banking at Lloyds Bank, said: “Over the last 25 years, Fieldhouse Furniture has crafted an excellent reputation among customers who trust that they will always deliver quality work on budget and on time. We’re proud to support a well-respected firm with such strong values.”
