Santander UK has provided Jay-Be, headquartered in Ravensthorpe, with a seven-figure funding package, which includes a term loan and invoice finance facility. The company has also moved its day-to-day banking to Santander UK.
The funding supports Jay-Be’s research and development for innovative new health-focused sleep products with minimal environmental impact.
Jay-Be is believed to be the first UK bed manufacturer to have replaced foam with e-Fibre, which is free from chemicals, and all its products are foam-free.
Minimising the environmental impact of its products is a key focus for Jay-Be. It sends zero waste to landfill and has reused more than 100 million recycled plastic bottles in the manufacture of its mattress fillings.
It is also thought to be the first UK bed manufacturer to have achieved international environmental manager certification ISO14001.
The funding from Santander UK has also supported the business to open a new product showroom for its clients, which are predominantly large bedroom furniture retailers in the UK as well as in Europe, USA, Canada and UAE.
Currently, overseas trade represents five per cent of Jay-Be’s turnover and it is targeting an increase to 10 per cent in the next few years.
Its international growth plans are focused on Europe, specifically Italy, Spain, Germany and Poland. It also aspires to grow sales in the US, and the UAE longer term. It is on track to record an annual turnover of £22m in August and is targeting an increase to £27m in mid-2023.
Claire Clapham, finance director at Jay-Be, said: “We moved our banking to Santander UK as we’re growing as a business and needed the best, most competitive support.
"This move enables us to retain our focus on growth, manufacturing innovative sleep-smart solutions to meet customer demand.”
Andrew Russell, relationship director at Santander UK, said: “We are delighted to have been chosen by Jay-Be as its banking partner.
"Given our extensive international network and overseas trade expertise, we are well placed to assist with its exciting international growth plans.
"Santander UK is proud to support businesses such as Jay-Be that are manufacturing innovative products that minimise impact on the environment.”