Godfrey Syrett, a leading UK provider of office and accommodation furniture based in the North East, has seen turnover increase since the opening of its distribution centre in January 2016 using funding from HSBC.
The support from the bank, which includes a commercial mortgage, funds Godfrey Syrett’s growth plans and expansion into the commercial market.
After purchasing the premises in 2015, Godfrey Syrett identified key growth areas and agreed a comprehensive financial package with HSBC to fund the opening of the distribution centre in 2016. The HSBC-backed premises will support production capacity to meet growing demand in the UK. The expansion has generated 15 new jobs at Godfrey Syrett in the last year.
Tony Leech, Area Director at HSBC, said: “Since working with Godfrey Syrett we’ve seen the team use this expansion opportunity to stay ahead of the competition. They have demonstrated a clear strategy for success and as demand continues to grow, we were pleased to help meet their evolving needs.”
The funding comes from the HSBC’s national £10 billion SME fund for actively supporting UK SMEs. £285 million is specifically designated to support firms in the Tyne Tees & Cumbria and rebalance the economy outside of London.
Neil Tweddle, Managing Director at Godfrey Syrett, added: “Since the opening of our distribution centre with the support of HSBC, we’ve seen a seven and a half per cent increase in turnover this year compared to previous years. We have found HSBC to be very flexible and innovative throughout and have helped us to realise our ambitious plans. The distribution centre is an important step in our future business expansion plans as it allows us to take total control of sharing products with customers. ”
Godfrey Syrett, which celebrates 70 years of operations next year, has laid strong foundations in the UK having expanded from furnishing NHS buildings and education establishments to also include commercial property and accommodation across the North East.