The business employs nearly 100 staff, and designs and manufacturers a range of furniture for the education, local government, and hotel and leisure sectors.
The deal, which has seen the family-run company move from its previous base in Rhymney to a larger, fully-equipped factory, has allowed Advanced Furniture to expand its operations as it seeks a bigger slice of the £1.2bn UK non-domestic furniture market.
The business is now seeking to hire apprentices, and has plans to develop its existing workforce for succession planning purposes. The move has also bolstered the company’s financial performance, and it has recently begun to export its products.
In addition to the funding from NatWest, Advanced Furniture has also received asset finance from NatWest partner, Lombard, to purchase a paint line machine that has streamlined its processes and throughput.
Established in 1979 to design, manufacture and market a range of polypropylene stacking chairs and other moulded products, Advanced Furniture’s first major products were patio tables and chairs. Since then the company has developed its manufacturing capability to include tube bending and fabrication, moulding, powder coating, woodworking, and design and development, and has also established its own upholstery, assembly and shipping departments.
Tim Price, MD of Advanced Furniture, said:
“This is a big and exciting step for the business. We’re now going to be ramping up production and building upon our fantastic workforce to ensure that they are highly trained, highly experienced and ready for the company’s next stage of growth.
“NatWest’s support and emphasis on service excellence has been absolutely vital during the process.”
Adrian Coles, relationship director, NatWest, said: “Advanced Furniture is a significant employer in the Heads of The Valley area, and it is extremely rewarding to see a business of its size and level of excellence doing so well. Advanced Furniture is without a doubt a major success story and it has been a pleasure working with Tim and the team to ensure the success of the factory relocation and business expansion.”