Business Minister visits Forward Swindon today – Rt Hon Michael Fallon MP is briefed on Swindon economy

BIS Minister Rt Hon Michael Fallon MP, Phil Young Director of Investment at Forward Swindon, David Renard, Leader Swindon Borough Council and Justin Tomlinson MP at Forward Swindon’s offices today, where the Minister was briefed on a conference regarding the economic development area along the A420, on the outskirts of Swindon.

The minister, Michael Fallon has a dual role: Minister of State for Business and Enterprise in the Department of Business, Innovation and Skills (BIS), and Minister of State for Energy in the Dept of Energy and Climate Change (DECC).

The trip today culminated in a visit to see the recently opened Oak Furniture Land HQ at South Marston, Swindon. The press release issued by Oak Furniture Land follows below:

UK MINISTER FOR BUSINESS AND ENERGY VISITS NEW OAK FURNITURE LAND HEADQUARTERS AND DISTRIBUTION CENTRE IN SWINDON

Michael Fallon, UK Minister for Business and Energy  is visiting the brand new Oak Furniture Land UK headquarters and state-of-the-art distribution centre today in South Marston, Swindon.

His visit is recognition of the company’s significant contribution to business in Swindon and the South West, and as a large local employer. The Minister will be taking the opportunity to discuss the company’s impressive retail success story, expansion plans and current business issues with Jason Bannister, Managing Director and Owner of Oak Furniture Land.

Following a year of phenomenal growth for the independent hardwood furniture retailer, Oak Furniture Land has rapidly outgrown its previous premises.  Rapid expansion has meant an increase in the number of employees at the UK headquarters by over 100 from 134 to 240 in the previous year alone, and there are plans to create 500 new jobs across the business in the next three years.

Minister for Business and Energy Michael Fallon said:

“The Government is doing all it can to get the economy moving forward, so that companies like Oak Furniture Land can get on with the business of expanding and creating  jobs.

“We’re getting the nation’s finances in order, investing in world-class training, and clearing away the pointless red tape that holds back enterprise.  We’ve already cut costs on business by more than £1bn, and I’ll be going further and faster to get regulations from the EU and Whitehall off the back of hard-pressed firms.”

Oak Furniture Land now has 42 stores in retail parks across the UK and plans to launch a new store every month for the next three years, including three in the South West in the next 12 months.

To meet customer demand, the brand new 300,000 square feet state-of-the-art distribution centre, equal in size to four football pitches, accommodates 23,000 cubic metres of stock on average.  On a daily basis, the centre will have approximately 1,700 cubic metres of stock coming in and 1,200 cubic metres going out of the facility and distributed across the UK to fulfil customer orders across all 42 stores.

Jason Bannister said: “We are delighted that Michael Fallon has taken such an interest in our business and is joining us to mark the opening of our new Swindon headquarters.  During his visit we plan to show him around the site, where he will see first-hand the significance and scale of this development, as a local business and a UK retailer continuing to grow at pace.”

“We have big plans for the coming year including the continuing store expansion, new ranges and the opening of Oak Furniture Land Sleep Shops in 17 stores as part of a move to include beds within our product mix.  But like all retailers in the current climate we face challenges, on areas such as business rates for example, and I look forward to discussing some of these issues with the minister.”

Oak Furniture Land chose Swindon as its headquarters back in April 2011, because of its central location with good transport links via the M4 corridor and its thriving business community with other major businesses in the area.  At the time the company had just 80 staff located there.

The company now employs 650 staff across theUKand in January of this year announced record sales of £85m, more than doubling its performance on the previous year.  It reported a 140% increase in turnover (up from £34.1m) and a pre-tax profit up from £3.9m to £9.2m.

Jason Bannister started Oak Furniture Land on eBay and after becoming eBay’s largest retailer in 2006, the business evolved with the rapid opening of stores across the UK.  The ambitious store opening programme is set to continue for the next three years, whilst the business intends to retain 35% of its business online.

Ends

23/05/2013