Manchester-based LOFT Interiors has received £500,000 funding from The Greater Manchester Loan Fund to support the continued development of its operations and facilitate growth opportunities in new markets.
With over 80 staff already operating from LOFT’s offices in Manchester and London, the investment is expected to create eight new jobs in the region.
Founded in 2003, LOFT supplies design-led furniture and accessories to the Build to Rent (BTR) and Build to Let (BTL) sectors, student accommodation, and landlords and estate agents, furnishing large scale residential projects, as well as providing individual items.
LOFT’s co-founder and managing director, Benjamin Hall, has spent 15 years growing the business with his Father, co-founder and director, Robert Hall. Together they have built an effective brand with a strong position in the market, delivering growth through customers across the UK. Benjamin and Robert Hall are supported by a skilled senior leadership team, including Dan Smith, head of landlord & agency, Alec McKenzie, project sales director, Tom Hindley, head of operations, Leona Kay, commercial director and Debbie Smith, finance director.
Benjamin Hall, managing director of LOFT said: “I am proud to have taken the company from start-up to a turnover of £10m in 15 years using just a £15,000 student loan as start-up capital. There is a growing demand in our target markets for a design-led approach and we will continue to evaluate the needs of both developers and end users to evolve the products and ensure the growing range meets their requirements. The investment from Maven will allow LOFT to invest in our brands and support the company on its growth trajectory.”
Gavin Bell, investment manager at Maven, said: “We are delighted to support LOFT with this investment. This is an established, dynamic business and Ben and his team are driven and passionate individuals, focused on the exciting future growth opportunities in their markets. We look forward to working with LOFT to assist their ambitious growth plans.
“A significant investment for the Fund, GMLF has now invested over £15m to support the creation of over 400 jobs in the Greater Manchester area. We continue to actively encourage local businesses with exciting growth plans to get in touch with the Maven team.”
Mayor of Greater Manchester Andy Burnham said: “Greater Manchester has always led the way in driving innovation, manufacture and construction – we are the birthplace of the Industrial Revolution, after all. We pride ourselves on working with new ambitious and creative new businesses and industries to help them flourish.
“Through the fund and the investment announced today, we are demonstrating Greater Manchester’s ambition and commitment to doing things differently, working with local firms to help them grow and create jobs and opportunities for local people.”
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