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|Cannock shop fitting business expands with Lloyds Bank funding support|
|Friday, 30 October 2015|
A Cannock-based shop fitting business has secured a number of new long-term contracts and created six new jobs after securing a £250,000 working capital facility with Lloyds Bank.
Retail Interior Solutions completes shop refit projects for well-known brands such as KFC, Byron Burger, Pret A Manger and Staples across the UK and Ireland.
In the past 12 months the business experienced a particular surge in demand from fast-food businesses looking to expand their portfolios in a competitive marketplace, and turned to long-term banking provider Lloyds Bank Commercial Banking for support.
The bank’s commercial finance team provided the business with a working capital facility that allows it to begin new projects without disrupting its day-to-day cashflow requirements.
Retail Interior Solutions is now working with fast food chain Taco Bell to launch its new store in Nottingham, and is working on a five-year project with KFC to revamp a number of its UK stores.
The business, which was established in 2009 and operates its own eight-strong fleet of vans, has employed six new staff, growing its workforce to 19. It also employs 250 subcontractors nationally, has an annual turnover of £6million, and is targeting significant growth in the coming year.
Gavin Webber, director at Retail Interior Solutions, said: “With an increasing choice of fast food restaurants for consumers to choose from, business owners are expanding their portfolio and revamping their existing sites to help them take a larger share of the market.
“In order for us to take on more refit projects we needed funding support, and when we found out about the benefits of the commercial finance product from Lloyds Bank it was clear it was the best fit to grow in line with our business and support our long-term growth plans.”
Malcolm Clay, regional manager at Lloyds Bank Commercial Finance, said: “To capitalise on growing demand for its high quality services Retail Interior Solutions needed a financial package that was flexible and could reflect the levels of support needed at a given time. The working capital facility does this, and we look forward to seeing the results of the business’ upcoming projects across the UK and Ireland.”
Philip Rowley, commercial manager at Lloyds Bank Commercial Banking, said: “We are committed to backing small and medium sized businesses like Retail Interior Solutions that have a solid plan for growth, and it’s encouraging to see that the business is also creating new jobs as it expands, helping to boost the local economy.”
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