TRC funding deal

The Rug Company has refinanced its bank borrowings and secured additional funding for acquisitions.

The company, which has been majority owned by Palamon Capital since 2015, has secured a loan from Tresmares Capital, which it says will accelerate its international expansion plans.

‘We are very pleased to have found a strong partner in Tresmares to support The Rug Company as it continues to build out its leadership in contemporary handmade rugs, serving the design community and high-end spaces across the globe. Tresmares is an experienced lender in the space, and acted flexibly and creatively to match the financing needs of the company,’ says Ia Bergman, Palamon Capital associate partner.

‘As one of the leaders in the global luxury rug market, The Rug Company represents a fantastic opportunity to support its continued international expansion. The company has made great strides over the last five-plus years in expanding its customer base, growing average order values and increasing repeat spend by customers,’ says Miguel Sanchez, Tresmares Capital investment director.

Aquafil has 19 other manufacturing sites across the world.

‘Covid and Brexit have brought about challenging trading conditions in the UK. Aquafil UK is finding it increasingly difficult to fulfil its planned capacity through existing clients. This has led to management taking the decision to lower our cashflow prices, with subsequent falling gross profit margins and problems,’ says a statement.

‘We have had to consider how we can reduce our overhead costs and consider the viability of a site that has continued to make losses for five years. Further losses are unsustainable. We therefore propose to close the plant.’

Aquafil bought the factory in 2014.

Partnership aims to boost apprenticeships

The Furniture Makers’ Company and Furniture and Interiors Education, Skills and Training Alliance (FIESTA) are partnering on a new free service that will support businesses in the furniture and furnishing industry to close their skills gaps and take on apprentices with ease.

Launching this autumn, the Apprentice and Skills Plus Service will help companies recruit and retain new talent, upskill existing employees and act as a central resource for information, advice and guidance on apprenticeships.

Natalie Cole has been appointed Skills Plus coordinator, responsible for management and development of the service, including signposting employers to approved training providers with access to funding.

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