A Birmingham furniture wholesaler has bought its premises and plans to create eight new jobs after securing a seven-figure funding package from Lloyds Bank Commercial Banking.

Heartlands Furniture, which sources high-quality furniture from the Far East and Brazil and distributes it to retailers across the UK, has used a £6.2m loan from Lloyds Bank to buy the premises on Cranford Street.

It is also investing in a range of new equipment as it seeks to accelerate the growth it has experienced since being founded in 2002.

The business plans to increase its productivity and turnover by investing in three new trailers, a tractor unit and two new trucks, backed by a £150,000 asset finance facility from Lloyds Bank. These will assist in distributing furniture and maintaining their reputation as a reliable wholesaler to nationwide clients.

Meanwhile, a further working capital facility from Lloyds Bank will help to ensure security when importing assets from overseas. It will also enable the business to invest in recruitment, creating eight new jobs to meet the demands of a growing nationwide customer base, adding to the 55-strong workforce.

Saleem Shareef, managing director at Heartlands Furniture, says: “We invest a lot of time and income into sourcing furniture and have been growing steadily for years. From purchasing the premises, we saw a great window of opportunity to make some positive changes.

“Working with the team at Lloyds Bank has been really refreshing as they are so approachable. Lloyds Bank has taken the time to understand our business and has provided us with a facility that has given us the flexibility to turn our growth vision into a reality.”

Paul Warrington, relationship manager at Lloyds Bank Commercial Banking, added: “Heartlands Furniture is an ambitious firm that has a lot to offer to both local companies and national retailers who want access to furniture from across the world. When Saleem approached us for support, we saw an opportunity to boost a business that has great potential.

“Lloyds Bank Commercial Banking is committed to supporting retail business to help Britain prosper and we have a team of sector experts who are on hand to provide a variety of financing options to give businesses the headroom to grow.”