GFW Receives Funding from HSBC

GFW, the Lancashire-based wholesale furniture supplier, has received a £10 million investment, provided by HSBC, to help with its growth plans. The funding package enabled the company to acquire its trading premises in Eccleshill and secure the site as its permanent home.

“We’re delighted to receive financial support from HSBC. We operate in a crowded marketplace and our customers demand an ever increasing range of furniture products,” said Jonathan Ponsonby, managing director at GFW. “By owning our premises we now have the platform from which to deliver a greater range and improved customer experience. We’re now expecting our turnover to increase within the next year.”

Now, GFW plans to refurbish the premises and expand its warehouse facilities. It is also looking into increasing its product range by 20% by importing from China and other East Asian markets. The forecast after the investment is that the revenues will rise by 15% over the next 12 months, which will lead to extra staff needed as well.

“We strive to help SMEs grow across the North West and we are proud to support GFW,” said Richard Beaumont, HSBC’s relationship director for Greater Manchester. “The company is a great example of the type of businesses we support – ambitious and focussed on growth. We look forward to seeing the business flourish in the future.”