adminConrad Mwanawashe Business Reporter
TEECHERZ Furnitures is looking for $3 million to fund capital expenditure projects under an expansion drive designed to make the company regionally competitive.
The funds will be invested towards the purchase of new equipment and the construction of a new factory at the company’s 10 000 square metre site under the Exporting Processing Zone in Norton.
Teecherz Furnitures chief executive officer Mr Phanuel Vheriwa said the group is making efforts to raise the capital, which will also help increase capacity utilisation.
“Currently our capacity utilisation is about 50 percent purely because of capital constraints. If we can lay our hands on $3 million we will be able to build a new factory and bring in further equipment to make sure the company is regionally standardised,” said Mr Vheriwa.
The company has, in the last three years invested more than $2 million towards state-of-the-art machinery for the manufacture of casegoods.
Casegoods include chests, dressers, bookshelves, and cabinets.
Mr Vheriwa said there is a huge market for his company’s products and this gives room for further growth.
“We are meeting 60 percent of our demand. The uptake is there especially if you are well capitalised,” he said.
Teecherz Furnitures controls about 30 percent of the casegoods market and Mr Vheriwa said the new investment will help grow market share.
Currently Teecherz Furnitures boasts of technologically advanced equipment at its Graniteside factory.
“Our state-of-the-art machinery includes Computer Numerical Control machines and Barley Twist machines. The CNC does all types of designs; whatever the customer wants; it will do. The Barley Twist machine does all the barley twisting and pineapple designs to beautify the products,” said Mr Vheriwa.
The Teecherz Furnitures factory has been producing casegoods for the past three years while the retail division has been running for more than 20 years.
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