SR FURNITURE in Bideford is one of eight South West businesses to be awarded a grant from the Regional Growth Fund. The company has been awarded £61,000 to help finance continued growth in 2014/15.
The grant will enable SR Furniture to purchase new CNC machinery to double manu-facturing output and increase factory space from 9,600 ft to 12,000 ft with expansion into the adjoining unit to set up a polishing workshop and finishing facility. It will also create a showroom to display its kitchen, bedroom and office design furniture. In addition, the grant will enable the company to employ nine additional staff including a factory manager, maintenance manager, skilled and semi-skilled staff.
All this activity is required to take place within an 18-month period and is match funded with a £78,000 investment from SR Furniture, which it has achieved with new contracts and with help from Lloyds Bank.
"We've had many sleepless nights over this application, but finally we can celebrate and start work on the next phase of our growth," said Steve Payne of SR Furniture. "Thankfully our sound business plan and track record of delivery means we have the investment needed to develop the business further. I am very excited about making a positive contribution to the local economy."
Bill Martin, vice chairman of the Plymouth University and Western Morning News Growth Fund said: "The Steering Group considered this to be a sound bid from a clearly ambitious and well-managed business."
SR Furniture Ltd is a family company owned by Steve and Janet Payne. Returning to North Devon in 2010, they wanted to use Steve's 25 years' experience in furniture manufacture and Janet's skills in administration and credit control to build a business that delivers quality products at affordable prices. It now employs nine people and clients include Holiday Inn, Chelsea FC, The Savoy, Croydon Council, Lodgico and Evans Transport.
For details visit srfurniture.co.uk