Expansion of an enterprise in the modular furniture industry

Total amount of the investment made: BGN 2 893 000 (EUR 1 479 190)
Total amount of the provided loans guaranteed under the JEREMIE initiative: BGN 2 525 000 (EUR 1 291 000)

Main goal of the investment:

 

Irim EOOD was founded in 1990 and its main activity is the production and sale of modular furniture. Over the years the brand has developed, established itself and taken a prestigious place on the Bulgarian market. The range of products has been extended by producing sofas and mattresses. The products are divided in the following groups: furniture for offices and hotels, kitchens, bedrooms, children’s rooms and entrance halls. The distribution network set up in the whole country contributes to the firm presence on the market. The company offers and makes its products through its trade partners in over 200 shops all over Bulgaria. The company has two showrooms in the central part of the city of Ruse.

Irim EOOD is constantly expanding its activity and modernizing its production base by the purchase of modern high-tech equipment. In this regard, in the month of May 2012 IRIM EOOD bought real estate in Ruse together with the buildings on it. The property is in the immediate vicinity of the existing furniture factory of the company. The purchase, the construction works and the adaptation of the property to the needs of company are financed by 3 loans under preferential price terms and less stringent requirements by UniCredit Bulbank AD with the support of the JEREMIE First Loss Portfolio Guarantee. The need for increasing the production capacity is based on the extended range of products which the company started offering in order to increase its competitiveness.

The new production facilities include three main rooms – a warehouse for materials, production and packaging workshop. The expansion of the production facilities constitutes a kind of synergy with another project of the company implemented with co-financing under Operational Programme “Competitiveness” for the introduction of a new production line which will also be located in the new production base.

Benefits from the implementation of the investment:
- Increase in the production capacity; 
- Creation of 10 new jobs;
- Reducing by half the time needed for technological preparation of production facilities;
- Increase in the productivity through automatization of the process;
- Improvement of quality;
- Reducing the cost of the productions of items;
- Increase in the number of items in the list of products by developing new products.

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