Oldham furniture business drives job creation and export success with £250k loan

Moda Furnishings, a designer and retailer of rattan garden furniture and accessories, is due to create a raft of new jobs after securing a six-figure loan from the £9.5m Greater Manchester Export Fund.

Oldham-based Moda will use the £250k boost to expand its existing operations in the US by moving into a new showroom in California and launching a dedicated American website.

Additionally, the cash will lead to the creation of 23 jobs and safeguard those of Moda’s 25 full-time employees at its 6,000 sq ft centre in Failsworth.

The company is owned by husband and wife team Philip and Joanne Lomax, who recently opened a new showroom in Enfield, London, for Moda’s sister company Home Inc.

Philip 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.”

Mark Hughes, the chief executive of Manchester Growth Company, which manages the fund, hailed Moda as “a great Manchester business” on the way to carving out “a global success story”.

He said: “Philip and Joanne had already proved that there is real demand for their products, both in the US and Europe, and with the support of the GM Export Fund they now have the agility and ability to maximise those opportunities quickly and cost effectively.

“Export has a huge role to play in driving our region’s economic prosperity and the Loan Fund is designed to support ambitious companies just like Moda, to allow them to think big, to fulfil their potential and to create the jobs and growth we need here in Greater Manchester.”

Mark added: “We hope their success will encourage more businesses to get in touch now to find out just how we can support their export and growth ambitions.”

Earlier this year, Moda appointed Alistair Birse, the firm’s former bank manager with NatWest, as a director of Home Inc.

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →