The Greater Manchester Export Fund has awarded £250k to Oldham based furniture retailer Moda Furnishings and sister company Home Inc which will enable both businesses to start exporting into Europe and the USA with predicted export sales in excess of £4m over the next two years.
Moda Furnishings designs and sells rattan garden furniture and accessories, made using aluminium frames and a unique synthetic product that has the look and feel of natural rattan but is fully weatherproof.Trading online, via their 6000 sq ft store in Failsworth and a recently opened showroom in Enfield, London, Moda recently launched sister company Home Inc last year to sell uniquely designed indoor home furnishings to the trade.
Moda Furnishings and Home Inc are owned by husband and wife team Philip and Joanne Lomax who will now use the £250k loan to significantly expand their current operations in the US. Moda will shortly launch its dedicated American website to sell direct to customers and also occupy a showroom in Orange County, California. The increase in export sales will also create 23 new jobs and safeguard the jobs of 20 full time employees in Oldham.
The company was joined earlier this year by Alistair Birse, who was Moda’s Nat-West bank manager up until December 2015 before leaving the bank to become a Director of Home Inc. Alistair has a wealth of experience that he brings to the company from his 32 years in banking.
Philip Lomax said: “Being able to access the support and finance from the GM Export Fund has meant that our growth strategy has taken a huge leap forward and we are now in the process of building a very profitable and active export market. For businesses like ours to be able to compete on a global scale we need to be able to act quickly when opportunities arise and we fully anticipate that we will achieve total sales of over £20m to include export sales of in excess of £4m over the next two years.”