Shropshire-based AVF Group (“AVF”), one of the world’s leading manufacturers of AV furniture and related products, is to further expand its product range following a £2 million funding deal with Santander Corporate & Commercial.
Established in 1978, AVF has become a major player in the supply of high-quality TV wall mounts, TV stands and support systems, with a range of prime retail clients in the UK, Europe and North America. AVF benefitted from a 17% year-on-year growth in global sales to £15 million as at FY2015, an indication of the quality of its products and strength of its brand and distribution.
Expanding the product offer will enable the company to further develop its customer base that includes over 25 of the world’s most important retailers including Argos, Costco, Darty, Home Depot, John Lewis, Sainsbury’s, Tesco and Walmart.
The funding from Santander Corporate & Commercial will be used to fund product development as well as enable AVF to build its global supply chain by supporting its manufacturing facilities in Asia. In the UK, the funding has also allowed the firm to invest in the development and rollout of 10 brand new TV stand designs tailored to the latest cutting edge viewing technology.
David Gallimore, CEO of AVF Group, said: “I am delighted with the pro-active and relationship-focused service provided by Santander since inception. I feel they really are the right bank to take us from strength to strength through this renewed strategic partnership. The funding will allow us to increase our mark as a global leading brand and support our future growth.”
Debbie Partridge, Relationship Director, Santander Corporate & Commercial, said: “We are thrilled to see the impressive growth the AVF Group has achieved since they became a client. The firm has very successfully carved out a strong brand in a niche but global market. We are excited to support David and the team as they embark on this next stage of growth, particularly as AVF focuses increasingly on its non-UK, global market presence.”
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