Family sofa specialists, Frank Knighton Suite Centres Limited, has purchased its third store after receiving a six-figure loan facility from Yorkshire Bank.
The showroom in Derby will add to the sofa manufacturer and retailer’s existing sites in Nottingham and Ilkeston. The business has rented the Derby premises since 2014 to ensure the third store would be viable before being purchased.
After experiencing record sales due to the additional premises, increased advertising and added stock lines, Richard Knighton, managing director of Frank Knighton Suite Centres Limited, decided to buy the Derby premises outright.
Richard runs the business with his two brothers: Michael Knighton, who is responsible for manufacturing and production, and Nick Knighton, who manages distribution and sales. The company was established by the brothers’ father Frank Knighton 30 years ago in Ilkeston, where the suites are now manufactured.
Frank Knighton Suite Centres Limited has a strong reputation for quality workmanship and service, creating bespoke suites that fit a particular space and budget. The business employs ten staff and recently took on a new salesperson to work across all three stores to keep up with the increase in activity.
Richard said: “It had been an ambition of ours for a long time to open a site in Derby, where we felt there was a gap in the market for quality-crafted sofas. We are glad to see our inclination was right and the move has paid off.
“We strive to constantly refine our stock and aim to deliver an excellent service to each customer. The key to our growth is focusing strongly upon the customer experience which many businesses forget is the core of the retail industry.”
Angela Stone, relationship manager at Yorkshire Bank, arranged the deal. The business has worked with the Bank for 15 years but Richard has been a customer since 1993.
Richard said: “I’ve been with Yorkshire Bank for more than 20 years and find the team very easy to talk to. They are great at making important decisions which is crucial when your business is involved.”
Carl Dickinson, head of Yorkshire Bank’s Business and Private Banking Centre in Leicester, said: “It is fantastic to see a well-established, local family business following through on its ambitions and experiencing a significant increase in sales by doing so.
“As economic conditions continue to improve, Yorkshire Bank remains focused on supporting the growth ambitions of businesses in the Midlands.”
Yorkshire Bank has strengthened its support for UK SMEs by becoming the first to partner with the British Business Bank under its ENABLE Guarantees scheme. Up to £125m of new lending by Yorkshire Bank, guaranteed by the British Business Bank, will help more small businesses achieve their growth ambitions.