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Eco Furniture International Limited
A company that sells high end furniture made from recycled materials is moving to Cornwall so it can consolidate and expand its business creating an estimated 15 jobs. The move has been approved for £150,000 of European Regional Development Fund (ERDF) Convergence investment.
Eco Furniture International Limited, which designs, produces, markets and sells high quality environmental furniture, will invest £211,000 in the move which will involve leasing brand new workspace in Launceston and buying new equipment.
The company employs 10 full time UK employees and has an indirect responsibility for a further 72 employees in India. Once established in Cornwall several new products will be developed and it is estimated that turnover, which was £1.4 million for the year ending March 2011, will more than double this over the next three years.
Eco Furniture International Ltd has also been approved via SWIG Services for a £50,000 loan from the South West Loans Fund, which receives ERDF Convergence investment, and has received substantial support from InvestinCornwall (UK & EU), the county’s UK inward investment service run by Cornwall Development Company (CDC).
Nick Powell, Eco Furniture International Ltd Managing Director, said, “Without this Convergence support we were faced with having to mitigate existing overheads, reduce staff numbers and outsource at significantly lower cost to India. This now means we not only remain in the UK but expand products and markets, provide secure employment and remain true to our core value of local eco-social responsibility.”
Carleen Kelemen, Director of the Convergence Partnership Office for Cornwall and the Isles of Scilly, said, “This innovative company has tapped into a high quality niche of a growing market for recycled products. The combination of ERDF Convergence support will strengthen the ambitious plans to grow, innovate and create skilled employment opportunities in Cornwall.”
Dominique Tregenza-Symons, Inward Investment Manager, Cornwall Development Company added: “We are thrilled to be welcoming Eco Furniture to the Cornish business community. Not only are they bringing skilled employment to the county but also further enhance Cornwall’s growing portfolio of innovative environmental companies. The ERDF Convergence funding available to their business has made this investment a reality.”
The company currently operates from two bases in Gloucestershire. It specialises in transforming waste material, including timber and aluminium, into sustainable products that are accredited by the Forest Stewardship Council (FSC) and The Royal Horticultural Society (‘Master Brands’). Clients include John Lewis, private customers, leading Hotels and blue chip commercial clients.
Once in Cornwall there are plans to develop further products including high quality cook and bath ware, made from 100% recycled glass and 100% recycled timbers - accredited by the Forest Stewardship Council; high quality public space furniture made from 100% recycled aluminium and 100% recycled timbers - in partnership with other Master Brands – and high quality public space furniture incorporating photovoltaic technology to generate and provide renewable power sources for public use.
The ERDF Convergence has been approved via the GBI SIF scheme. Phil McVey, SWRDA Director of European Policy & Programmes, said: “Keeping eco sensitive companies such as Eco Furniture in the South West is essential to the future of economic growth within the region. Helping them to access additional funding will enable them to create jobs and provide better facilities to increase their innovative work in recycling waste items into new and exciting furniture products.”
Peter Casey, SWIG Services Managing Director, said, “The relocation of Eco Furniture International is set to make a very real and measurable contribution to the local economy. Driven by a strong and committed management team, this is a company that has good growth potential for years to come. I am delighted that our loan has helped complete the finance package they needed to make this move.”
The company was assisted by the Grant Services team at Bishop Fleming Chartered Accountants. Ewan McClymont, head of Grants & Sustainable Energy, said: “With the aid of the Invest in Cornwall and GBI teams, Eco Furniture’s relocation to a Cornwall base will significantly transform its operational capabilities and enable accelerated growth that would not otherwise have been possible. Faced with otherwise relocating its operations to India, this is an excellent example of how Convergence can help to attract inward investment and create highly skilled Cornish jobs”.
Eco Furniture International Ltd is planning its relocation over the next six months and hopes to be fully operational in Cornwall by September 2011.