A former employee has acquired Suffolk-based floor coverings family business Hicks Carpets after securing funding from NatWest bank.
The deal, which remains undisclosed, sees Dan Nichols, who used to work for the company, and his brother Brian takeover the business, which has stores in Stowmarket and Ipswich.
The Nichols brothers secured backing from NatWest to fund the deal, as the business, which has been established since 1971, underwent a complete refurbishment in its Stowmarket location, situated on Bury Street.
Commenting to local press, the Ipswich Star, Brain Nichols said: “Everyone at NatWest has been incredibly helpful – Lorna went above and beyond what was required to make sure our needs were met. The shop is now busier than ever.”
Lorna McQueen, relationship manager at NatWest, added: “The Nichols brothers came to us with big plans and with a lot of history and knowledge already invested in the carpet industry, so we could see they were the perfect team to take over Hicks.”