Family furniture firm Kingstown Furniture has secured a £1.8m finance package as it plans to expand its Hull factory.
Based on Leeds Road, Kingstown Furniture secured the funding from Lloyds Bank Commercial Banking and plans to add a further 10,000sq ft to the factory, as well as modernising its offices at the 11-acre site.
Kingstown said that the extra space will enable them to increase production capacity and create a new facility for prototyping new products, as well as enabling the business to design and make new products.
As part of the refurbishment, the family-run business, which has a turnover of £25m, has also used an asset finance facility to invest in new IT equipment.
Managing director Richard Sharp, whose father founded the business 40 years ago, said: “This investment gives us room to continue our growth, and paves the way for us to enter new markets and create new jobs in the years to come.”
Matthew Pollard, relationship director at Lloyds Bank Commercial Banking, said: “This project paves the way for them to continue that growth for years to come by enabling it to invest in new product development and expand its range, while also creating the extra manufacturing capacity to accommodate that growth.
“We are committed to supporting mid-market sized businesses like Kingstown Furniture and providing tailored lending options that suits their needs and drives long-term sustainable growth.”