A £50,000 FINANCE package has seen a York oak manufacturer expand its premises as it looks to hit the million pound revenue mark.
Oak by Design secured the five-figured sum from Lloyds Bank Commercial Banking after more than doubling its revenues over the last three years.
The business, which produces custom-made structural and interior elements such as ceiling beams, doors and flooring, using seasoned air-dried oak, recently built a 2000 sq ft extension at its workshop at Locksley Park in Tockwith, after an increase in larger contracts meant the company needed to manufacture and display its products at one site.
The extension now houses the firm’s showroom, previously located 15 miles away in Harrogate, where clients can view large-scale example products and work with designers on individual projects.
As a result of the expansion bosses at Oak by Design now expect to increase turnover by a quarter, and plan to create three new jobs in the firm’s sales and manufacturing teams over the next year.
The new showroom is also heated by a new biomass boiler, which the firm invested in with support from a £15,000 asset finance facility from Lloyds Bank.
Established in 1997, Oak by Design manufactures specialist oak products, including small buildings, conservatories, porches, flooring and doors.
Richard Penny, managing director at Oak by Design, said: “Over the past three years we’ve more than doubled our revenue, and as a result we outgrew our previous showroom on Kings Road in Harrogate.
“The move allows us to combine our whole operation on one site, meaning clients can choose what they’d like, work with our designers and watch their product being made in one location.
“The increased space will provide us with the capacity needed to take on larger contracts and, as a result, we hope to hit the million-pound turnover mark in the next year.”
Mr Penny founded the company in Wetherby in 1997 selling reclaimed bricks and timbers for specialist period renovations. In 2011 the firm opened its first showroom on Kings Road in Harrogate to showcase its expanding range of oak products.
Gary Whitaker, relationship manager at Lloyds Bank Commercial Banking, said: “We helped Oak by Design invest in new machinery in 2014, and it’s great to see they’ve gone from strength to strength since.
“The move to the bigger showroom demonstrates their recent successes, and it will be key in helping them grow further.”