An Accrington wallpaper manufacturer is set to create 20 new jobs after boosting production to meet international demand.
Surface Print Company, which is based at Broadley Mill in Clayton-le-Moors, has agreed a £2.5 million funding package from Lloyds Bank Commercial Banking to help it grow its workforce by a fifth and boost capacity over the next 12 months.
The move will help the firm, which already works with luxury design customers in more than 70 countries, to increase production by 20 per cent and begin exporting to 15 new locations by 2020.
Lloyds Bank Commercial Banking provided a term loan and invoice discounting package to support the company’s growth plans.
The fourth-generation family business, which was founded in 1990 by John Watson, supplies more than 100 brands across the world and generates 40 per cent of its sales overseas.
The firm uses a range of production capabilities, from heritage techniques to the latest print innovations, to create a variety of luxury wallcoverings. In September 2016 it also launched its own brand of wallpaper, 1838 Wallcoverings, that it sells worldwide.
James Watson, managing director at Surface Print Company, said: “Wallpaper has come back in fashion over the past decade with consumers, retailers and designers across the globe now requesting a wider range of high-quality designs.
“The funding we’ve received from Lloyds Bank has given us the financial headroom to boost production and meet clients’ growing requirements and, as a result, we expect our turnover to hit £10 million by the end of 2020.
When we approached the team at Lloyds Bank about the expansion, they took the time to really get to know our business and, as a result, were able to arrange a funding package that was exactly tailored to our needs.”
Garry Birchall, relationship director at Lloyds Bank Commercial Banking, said: “Surface Print Company already has an excellent reputation overseas, but to push forward with the next phase of its expansion it needed the correct funding in place.
“Products such as invoice finance are perfect for ambitious firms that are looking to grow their overseas presence, as they enable businesses to release cash tied up in unpaid invoices that can then be reinvested in the firm.
“We’re committed to helping British firms prosper by providing the guidance and funding they need to implement strategic changes, and since the start of 2011 we’ve grown our net lending to SMEs by 33 per cent while the market has contracted by 12 per cent.”