An Aberdeen business that sells 4,000 beds a year has been acquired by a new owner who has plans to grow the brand by 20%, following a £100,000 funding package from Bank of Scotland.
Bedz 2 Go, located on St Clair Street, has been acquired by Lewis Cradock, an employee of the business for the past 17 years, after the original owner Ian Smith retired.
Founded in 1982, the business sells bed frames, mattresses and bedroom furniture to individuals and commercial clients including the Great Western Hotel, the Douglas Hotel and Winchesters Lettings.
Mr Cradock has secured the future of the business as a result of the acquisition, including the jobs of five full-time and part-time employees.
He is now planning to increase profits by 20% over the next five years by growing his client base and introducing an e-commerce platform to the brand’s website.
The business used the £100,000 loan from Bank of Scotland to take full ownership of the company.
Lewis Cradock, owner of Bedz 2 Go, said: “The general public is our bread and butter, making up almost 70% of our customer base. However, we have seen more business from landlords in recent years as the rental market faces demand from tenants looking for modern furnishings.
“When I discovered Ian was retiring, I knew I wanted to step in and take over the business. Thanks to Bank of Scotland and its relationship team, I was able to take over the premises and keep a local business alive in the Aberdeen community. I am now looking to move some of our sales online to try and expand our customer-base and keep up with what is an increasingly digital world.”
Scott Murray, Relationship Manager at Bank of Scotland, said: “It’s extremely important to us to help local businesses in and around Aberdeen thrive.
“Being able to support businesses like Bedz 2 Go means jobs have been saved and the new owner can reach his growth ambitions in a competitive market.
“In order for companies to achieve and sustain long-term success, we have a team of relationship managers working with businesses to help provide the tools needed for Scotland to prosper.”
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