Interior furniture and fittings manufacturer Heartbeat UK has secured a multi-million pound funding deal, as it looks to double its turnover over the next five years.
Heartbeat UK, which was established in 1946 and employs 70 people from its headquarters in Redditch, has been through a significant period of transformation since being taken over in 2021 by the HLD Group, headed up by Chief Executive Demis Ohandjanian.
Alongside Managing Director David Myles, HLD have turned the business from loss- making to profitable in just a few years. And now the business has just agreed a multi-million pound growth finance facility with Allica Bank to help it expand into new markets.
Heartbeat is already a top supplier of specialist steel fixtures and fittings to major UK restaurant, supermarket and pharmacy chains. Now it says it has plans to more than double its sales by 2029 by launching in new sectors such as student living and hotels, alongside doubling down on its existing focus areas.
Allica Bank, which has provided the finance to spur this growth, is a bank focused specifically on supporting established businesses like Heartbeat and helping them to grow. Heartbeat will get their own dedicated relationship manager who will work directly with the team.
David Myles, managing director of HLD said: “Heartbeat has experienced an incredible turnaround in fortunes since 2021 and I am delighted to secure this extra finance to enable us to continue on that trajectory.
“By doubling down on our commitment to innovation, craftsmanship and customer satisfaction, we can leverage our existing expertise and experience to drive growth in new markets. Being based in the Midlands in particular, with its fantastic transport links to the rest of the UK and an unrivalled pool of manufacturing talent, means we couldn’t be better positioned to realise that mission.
“The Heartbeat team is especially grateful to Allica Bank for their support with this. Their team took the time to understand the business plan and our ambitions, which made a huge difference, and we’re looking forward to working with our new relationship manager.”
Max Berglas, relationship manager at Allica Bank, added: “What the Heartbeat team have done over the past few years to turn the business into profit is nothing short of incredible. HLD’s and David’s plans for continuing that momentum are just as exciting and with the support of Allica’s relationship-based approach, we’re really looking forward to doing our bit to help them achieve it.”
Stefan Radymski, director at Evolve Business Finance, the commercial finance broker who connected Heartbeat with Allica said: “We’re delighted to have played a part in securing this growth facility for Heartbeat. Allica Bank has been a fantastic partner—efficient, proactive, and really committed to understanding Heartbeat’s strategy.
“The revolving working capital and term loan will give the business the flexibility it needs to explore new markets, while continuing to serve its valued clients. We’re excited to see how this facility helps Heartbeat achieve its goals over the coming years.”
