British outdoor furniture company Moda Furnishings receives 17 million pounds in financing

Source:77° Global Furniture Media

A year ago, Moda received a financing of £7 million from the same investor.

According to reports, as the UK’ s demand for outdoor living continues to soar, Moda Furnishings, a British garden outdoor furniture retailer, has received a new £17 million financing from the financial company Secure Trust Bank Commercial Finance.

Moda Furnishings received 7 million in financing from Secure Trust Bank 12 months ago. The company' s cash flow has more than doubled and its annual revenue has risen by more than 40%. In the fiscal year ending at the end of October, revenue is estimated to exceed 35 million pounds, compared with 24.5 million pounds in 2020 and 15.3 million pounds in 2019.

Gareth Lloyd, Chief Financial Officer of Moda Furnishings, said, “We are very pleased to receive new financing from Secure Trust. This gives Moda the opportunity to continue to invest in its supply chain and continue to deliver steadily at this difficult time."

"We look forward to continuing to cooperate with the team and provide further support as the company continues to develop."

2021 is a milestone year for Moda Furnishings, as it entered the Sunday Times BDO Profit 100 for the first time and ranked 64th among the 100 fastest-growing UK private companies in the past three years.

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