A North West garden furniture retailer announced it has agreed a £7m funding package, as its revenues are expected to rise 60 per cent from last year.
Moda Furnishings, based in Manchester, secured the package from Secure Trust Bank Commercial Finance, which it said will provide inventory and cashflow funding and support its expansion.
The e-commerce company said demand this year has been “tremendous”, with online demand for outdoor furniture “soaring”.
It comes after the Manchester firm was acquired in 2019 in a management buyout led by chief executive Jonny Brierley and chief operating officer Vallan McCarthy, backed by the Manchester office of private equity investor Endless.
The e-commerce firm said it has seen “strong growth”, despite its two showrooms being closed for “significant periods” due to Covid-19 lockdown measures.
Moda said its revenues are to hit £24.5m in the year to the end of October, an increase of some 60 per cent up from £15.3m in 2019.
Gareth Lloyd, Moda Furnishing chief finance officer, said:“Demand for Moda products this year has been tremendous, sometimes resulting in longer lead times than we would have liked for our customers.
He said the funding solution will allow it to deliver to customers in seven to 10 days as its stock keeps pace with growth.
Will Airey, regional sales director at Secure Trust Bank’s Manchester Commercial Finance team, added: “The prospects for growth in the years to come are really exciting and we look forward to helping Gareth and his colleagues achieve this.”
