A Gloucestershire bedroom furniture business is expanding its equipment range and workforce thanks to an £184,000 financial boost.
The Cotswold Bed Company in Cheltenham has been able to purchase specialised equipment and create four new local jobs following the funding arranged by south west business loan provider, SWIG Finance.
The money was sourced through two schemes formed to fund small businesses – the South West Investment Fund and the Community Investment Enterprise Fund.
Married owners Paul and Alejandra Whitelocks used their combined 60 years of experience to open the shop 10 years ago.
Paul said: 'By 2015, we felt it was a good time to do our own thing, in the way we wanted to do it, with high design content and good service.
'We started online, thinking we could trade off the internet with a little office – but the business just grew.'
Now celebrating its 10th anniversary, the business has opened timber and upholstery factories and a showroom near Elkstone, serving customers from around the world, including Saudi Arabia and the South of France.
The business was also one of the first in Gloucestershire to become a Certified B Corporation, meaning they have high standards for workers rights, environmental practices, customer service and community involvement.
Following the news of the loan, Paul added: 'It was a great relief to have some proper finance in place – there are plenty of short-term options available but these are over-priced and barely give you a chance to work before you have to pay it back.
'In contrast we now have a five-year plan and it's government-backed which is so much better.'
Business manager for SWIG Finance, Jim McLaren, shared why the couple's business was chosen for funding: 'This is a well-run family business and it was easy to see the benefit the SWIG loan would have, including asset purchases to reduce costs and employing additional people to support growth.
'It's good to know we are supporting a local manufacturer that's providing employment to people in the Cheltenham area.'
