Faith Furniture Company has enjoyed a buoyant second half to 2020, with revenues rising 14 per cent compared to the same period in 2019.
This success has been driven by flexible funding support from Secure Trust Bank Commercial Finance. Most recently, the firm secured a £250,000 CBILS facility in May 2020, adding to the long-term support the bank has provided since 2015.
Since then, the Bolton-based supplier of kitchens and appliances for the kitchen, bathroom and bedroom (KBB) industry has capitalised on the home improvement boom by investing in its product offering and marketing materials with the ultimate aim of securing more partnerships with retailers.
The business's drive to persevere with new product development has paid off with the company's LochAnna kitchens now on show in an additional 30 independent retail showrooms since July 2020, leading to its impressive year-on-year results.
Despite many of its independent retail partners temporarily shutting their doors again towards the end of 2020 Faith Furniture Company maintains a strong position with an impressive order book as it begins 2021.
Paul Jenkinson, Managing Director at Faith Furniture Company, explains: "In the KBB industry, companies have taken two distinct routes since the pandemic began: to retreat or to push forward. Early on we knew we wanted to make the most of this opportunity, and the support from Secure Trust Bank has given us the flexibility to increase our product offering and improve our relationship with retailers across the UK. The team understand our business and aims and as such is able to structure facilities that work perfectly for us."
David Pelham, Relationships Manager at Secure Trust Bank, added: "Faith Furniture saw an opportunity in its market and needed a flexible facility that allowed it to move quickly to capitalise and make crucial connections with new retailers. We're pleased to have been able to use our long-standing relationship and good knowledge of the business to provide the right facility, and ultimately to see the positive impact it's had on the business in less than a year."