West Bromwich furniture wholesaler will utilise the funding package to diversify its innovative product portfolio and upgrade IT systems to accelerate its next phase of growth
One of the UK’s leading furniture wholesalers, Serene Furnishings, has secured a £500,000 funding package, led by Maven, to accelerate its next phase of growth. A total of £250,000 was provided by MEIF Maven Debt Finance and £250,000 by the company’s bank, to support Serene to implement its growth strategy and create three new jobs at its West Bromwich site.
Established in 2005, Serene Furnishings has expanded its offering from its core business, of supplying bedroom furniture, to include a broader range of living room products. The business supplies several high-profile customers including Wayfair Stores, one of the world's largest online destinations for the home and World Stores by Dunelm, one of the UK’s largest homeware retailers. With a well-developed business model, maintaining its own unique identity and product styles, Serene has achieved strong growth from its expanding portfolio of products.
(L-R) Raj Minhas, Tasleem Tasab and Paul Brown
Annual expenditure in the UK furniture, bed and furnishings sector has grown significantly in recent years with approximately £17.7bn of purchases in 2017 alone, an increase on the previous year of around £1bn.
Backed by a dedicated management team with a broad range of industry experience: Managing Director, Tasleem Tasab who founded the company, has 13 years' experience working in the furniture design, procurement and wholesale sector. Operations Director, Nadirah Habib, has a Masters in Textile Designs and Finance Manager, Heather Williams, has over 10 years’ experience in practice and industry. The business is further supported by an experienced team in Asia, who are responsible for a rigorous quality assurance process.
The MEIF debt funds, managed by Maven, focus on providing debt funding to high-growth potential businesses located across the Midlands. Composed of two separate lots, of £50m for SMEs located in the West Midlands, and £40m for growth businesses in the East and South-East Midlands, the funds can provide finance of between £100,000 and £1.5million.
With offices in Nottingham and Birmingham, Maven has built a highly skilled team with in-depth knowledge of the local SME market, and have positioned a dedicated Investment Specialist in each Local Enterprise Partnership area.
Steve Lewis, Investment Director at Maven, said: "We are delighted to support Serene Furnishings’ growth with this investment. The deal is a great example of how the MEIF finance can work alongside an existing lender to provide a flexible funding package to support local job creation and business expansion.
“Serene Furnishings is a well-established business driven by a highly experienced senior management team and we look forward to working with the company as it enters a new growth stage.”
Tasleem Tasab, Managing Director at Serene Furnishings, said: “The funding will enable us to capitalise on a wider product offering, unlocking several new markets and continuing our upward trajectory as a firm. We are excited about our future prospects and look forward to working with the team at Maven to fully exploit the opportunities available to the business.”
Grant Peggie, Director at the British Business Bank, said: “It is encouraging to see how MEIF is supporting the growth of Serene Furnishings in West Bromwich including new investment into the firm’s IT systems and operations. It is also good to see that new jobs are being created in the Black Country as the company continues to diversify into new markets and grow”.
The MEIF project is supported financially by the European Union using funding from the ERDF as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
If your business is in need of finance to help unlock its growth potential, MEIF Maven Debt Finance may be able to help. Contact Maven’s local team today to find out more.
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