Business name: Chordal Green
Business type: Limited company
Industry: Design and Carpentry
Location: Harlow, Essex
In 2006 Vince Glue – a furniture designer, and Mark Rutty – a cabinetmaker, combined their skills to create a thriving furniture business. Their speciality is developing bespoke designs – cabinets, kitchens, wardrobes, and all kinds of furniture. After a year of successful trading, with a growing number of loyal customers, both in the UK and abroad, they decided to apply for business loan to expand their workshop.
Banks were very impersonal, unhelpful and turned them down. Determined, they applied to Foundation East – and that was a great decision.
Vince says: “The main difference with Foundation East is that we could talk to a real person. Peter Wood came to visit me and Mark so he could see our potential and not just some numbers on a spreadsheet.”
This loan helped with what is perhaps one of the greatest challenges small businesses face – cash flow. Late payments, anyone who defaults on payments, lack of credit facilities with suppliers, necessity to pay upfront have a real impact but with a cash flow loans from Foundation East, temporary cash flow issues can be easily resolved. The money enabled Chordal Green to expand their workshop to five times the size, improve equipment, buy a delivery van and take a couple of apprentices on board.
Cooperation with Peter Wood and Foundation East was a success. And they did not stop there.
The story continues
“The apprentices have been fantastic over the past couple of years and we are now at the point where we can leave them to get on with making the furniture while Mark and I are out visiting potential clients. We continue to evolve and have experienced a steady growth in business year on year” – explains Vince.
“We wanted to build Chordal Green as a brand. With work coming in from interior designers and a strong production team in place, Mark and I were able to concentrate on winning new clients. Whilst we could have grown organically, we felt we could achieve our goals faster with a further injection of cash.” He continues: “We could always ring Peter, our Business Loans Manager for advice, as he understood our business and had our interests at heart.”
As a successful business, Chordal Green could have applied for funding from a mainstream lender, however they preferred the quality of service they received from Foundation East and decided to contact them rather than a bank. The second business loan was used to make further internal developments to the workshop, as well as to appoint an office manager. This enables Mark and Vince to work more closely with clients, focus on new business and perfect company processes.
Vince concludes: “We have come a long way since our first loan. With the support of Foundation East, we are confident we can continue to build a successful brand”.
You can find out more about Chordal Green visiting www.chordalgreen.com