Cabinet and upholstery supplier Morris Furniture Brands has agreed a £2.3m funding package with invoice finance provider Bibby Financial Services.

The company was acquired by the Nathan Furniture Group in the summer, and chairman Nick Radford said Bibby’s backing and its flexible funding approach would allow it move on to the next level.

“To help form Morris Furniture Brands, we needed an initial injection of cash for a business that was already rich in stock,” he said.

“Working with Bibby Financial Services, we were able to secure funding to purchase this stock and to fund ongoing operation, securing the future growth of the new business.”

Bibby Financial Services corporate director Kevin Craven said there is real growth potential in the business over the coming years. “The newly-formed Morris Furniture Brands brings together two very strong businesses with great histories,” he added.