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Furniture firm secures £2.8m funding support

The Buoyant Upholstery team

Nelson-based furniture manufacturer Buoyant Upholstery has secured a £2.8m funding facility which will help it remain afloat during the coronavirus pandemic. The finance was comes through the government-backed  Coronavirus Large Business Interruption Loan Scheme and has been put in place by Barclays, and will give Buoyant additional flexibility and headroom especially in the case of a second wave of the virus.

Based at Oakbank Mill in Nelson, the company manufactures sofas in its two production facilities housed in adjacent sites covering 332,000 sq ft and employing nearly 600 staff.

Steve Berry, Barclays relationship director, said: "Buoyant Upholstery is a long-standing client who prior to Covid-19 were performing extremely well. The CLBIL funding gives the business the additional headroom it needs and we’re confident the business will emerge stronger and continue on its exciting growth journey once normal trading resumes."

During the lockdown, the firm was forced to furlough workers but turned its production facilities to producing PPE for the NHS, cutting 30,000 gowns per week.

Mike Aramayo, Buoyant Upholstery managing director, said: "Despite the challenges and with Barclays support, as one of the largest manufacturers of upholstery in the UK, we had a lot of sewing capacity and a lot of capability to support the national effort.

"It has been an extraordinary period in our history, but I am proud of the dedication and resilience shown by our staff and we see this as our small contribution to the important work our healthcare professionals are doing on the front-line every day."