Woodscape secures new finance package

Street furniture designer Woodscape has secured a £950,000 finance facility from HSBC to support its continued expansion.

It has forecast strong growth for 2014 on the back of major contract wins, including providing street furniture as part of Tesco’s UK-wide ongoing store improvement programme and the furniture for the Queen Elizabeth Olympic Park, which is due to be fully open this Spring.

Woodscape was founded by current managing director Richard Nelson’s parents in 1980 and now employs approximately 80 staff and generates a turnover of £5m, which it expects to grow to £6.5m during 2014.

Richard Nelson said: “We have experienced strong growth and forecast more of the same this year, so we needed a finance package that meant that growth wouldn’t put too much strain on our working capital. We were impressed with HSBC’s approach and the facility that Richard and his team put forward. Plus, we have an international element to our business, so HSBC fits in nicely with that.”