GFW set to expand with HSBC backing

Blackburn-based furniture wholesaler GFW plans to expand its recently-purchased premises and increase its product range, backed by a £10m funding deal secured with HSBC.

 

With finance in place, GFW purchased its current trading premises in Eccleshill from its former landlord, securing the 205,000 sq ft property and 55 acre site as a permanent home.

The business now plans to refurbish the premises and expand its warehouse facilities.

Established in 2009, the company provides UK retailers with bedsteads, living room and bedroom furniture and storage, combined with delivery and customer support services.

Supported by HSBC’s trade finance facilities, GFW has also taken steps to increase its product range by importing from markets in East Asia, primarily China. The business expects to increase its product portfolio by up to 20 per cent.

The investment in its premises and products means the business expects to grow its revenue by 15 per cent over the next 12 months and has plans to recruit more staff to meet the growing demand from customers.

Jonathan Ponsonby, managing director at GFW, said: “We operate in a crowded market place and our customers demand an ever increasing range of furniture products. By owning our premises we now have the platform from which to deliver a greater range and improved customer experience. We’re now expecting our turnover to increase within the next year.” Richard Beaumont, HSBC’s relationship director for Greater Manchester, said: “We are proud to support GFW, the company is a great example of the type of businesses we support: ambitious and focussed on growth."