AN expansion plan for an East Lancashire furniture maker has been given an £8million cash injection.

Bosses at Buoyant, in Nelson, who employ more than 750 people already at their sites off Hallam Road, have secured the banking facility from Barclays.

Management hopes the extra financing will help the outfit to weather any potential Brexit storms between now and October and provide them with greater market flexibility.

Turnover at the Oakbank Mill operation was £45.1million, according to their latest accounts, up to the end of September 2018, and the plan now is for that to top £48million, closer to the figure they were generating in 2016-17. Pre-tax profits also dipped from £2.89million to £1.01million.

Mike Aramayo, Buoyant's managing director, said: "We've been banking with Barclays for over 20 years so we were delighted when they were able to help with funding for this important development which is pivotal in our expansion plans for the future.

"Restructuring our finances will enable us make decisions more freely, react to market forces and introduce more product lines.

"It will also provide certainty for the business, allowing us to react faster with any Brexit challenges.”

Steve Berry, Barclays' relationship director and Robert Weston, their trade Director, put together the funding package for the deal, after discussions with the Nelson board.

Mr Berry said: “We are delighted to have been instrumental in facilitating this new deal for our long term customers Buoyant Upholstery.

"Mike Aramayo and his team are exploiting to really good effect current market opportunities and we look forward to supporting their continuing development and growth plans for many years to come.

The 110-year-old firm shifted its headquarters to the red rose county in 1973, having started out in Nottinghamshire.

And in 2013 it was the subject of a £10million management buyout, funded in part by private equity provider NVM, from then-owners Wade Upholstery.