Morris Furniture Brands has secured a £2.3m funding agreement with the UK’s largest invoice finance provider, Bibby Financial Services (BFS).
The agreement will facilitate the evolution of Morris Furniture Brands, which was was recently acquired by the Nathan Furniture Group.
Nicholas Radford, chairman of Morris Furniture Brands and the Nathan Furniture Group, says: “This is an exciting time for us as we look to take on what is already a successful business and move it onto the next level.
“To help form Morris Furniture Brands, we needed an initial injection of cash for a business that was already rich in stock. Working with Bibby Financial Services, we were able to secure funding to purchase this stock and to fund ongoing operation, securing the future growth of the new business.
“The team at Bibby really understand our business and provide a finance solution that suits our growth ambitions. With backing from Bibby and their flexible funding approach, we’re in a fantastic positon to take our business to the next level.”
Kevin Craven, corporate director at Bibby Financial Services, adds: “The newly-formed Morris Furniture Brands brings together two very strong businesses with great histories. There is real growth potential in the business over the coming years as it looks to harness its relationship with the Nathan Furniture Group. With this support we hope to grow our own relationship with the business as it becomes even more successful.”