WEARSIDE furniture retailer ScS has been given a £12million boost.
Lloyds Bank Commercial Banking has provided a new funding package to support the firm’s return to the stock market.
ScS will use the money to support working capital as a newly-listed business.
The decision to refloat the firm comes on the back of steady progress since it was taken over by Sun European Partner LLP in 2008.
Since then, the directors have implemented a strategy aimed at increasing sales through initiatives including the introduction of flooring, operating concessions in House of Fraser’s stores and the introduction of third party brands.
The drive has seen ScS record revenue growth of 23.6 per cent in the last two years and grow its market share to 8.7 per cent.
Chief finance officer Ron Turnbull said: “This new funding underpins the confidence felt throughout the business in recent years and further strengthens our financial position.
“With the support of Lloyds Bank, we have a solid platform from which to capitalise on opportunities presented by the recovering economy.”
The bank’s North East-based Mid Markets and Acquisition Finance teams organised the cash facility.
Spokesman Andrew Hopper said: “The firm was benefiting from the economic upturn. ScS has been on a steady upward trajectory in recent years, with economic confidence leading to increased consumer spending.
“An uptick in the housing market has also boosted ScS’s fortunes and the positive reception from investors to the IPO shows a wider confidence in the business.
“We are pleased to support ScS and its ambitious management.”