Key Facts about The Plus
In 2020, Vestre invested in its major project The Plus in Magnor, the world’s most environmentally friendly furniture factory, designed by the internationally renowned Danish architectural firm Bjarke Ingels Group (BIG). The investment amounted to approximately NOK 350 million and represents the largest single investment in the Norwegian furniture industry in several decades. Vestre’s ambition with The Plus is to become Europe’s leading sustainable furniture manufacturer and to create green industrial jobs.
Vestre applied for and received a total of approximately NOK 35 million in grants from Innovation Norway and Enova, corresponding to around 10 percent of the total investment. These decisions were made in 2020, during the COVID-19 pandemic and while a centre-right government was in office. Innovation Norway also approved a loan; however, this loan was never utilised. The remaining investment has been financed through private equity and bank loans.
Eidskog municipality has also facilitated the establishment of the factory through the development of industrial land. A long-term land lease agreement has been entered into between Vestre and Eidskog municipality. Under this agreement, the municipality will, over the lease period, receive revenues exceeding its investments by approximately 60 percent. The establishment of The Plus therefore generates net revenues for Eidskog municipality. In addition, Vestre pays approximately NOK 420,000 annually in property tax to the municipality.
Vestre has for many years delivered profitable growth and, in recent years, has maintained an export share exceeding 80 percent. The Plus is part of the Vestre Group, which in its most recently audited financial year reported equity of NOK 193 million. Vestre AS prepares its accounts in accordance with Norwegian accounting standards and reports accordingly. The Group services all interest and principal payments and maintains a standard commercial relationship with its bank.
In the summer of 2020, Vestre’s former bank applied for and was granted a loan guarantee from GIEK (now Eksfin) of approximately NOK 148 million in connection with the financing of the construction project The Plus. The guarantee was granted on ordinary commercial terms and formed part of the bank’s security structure. The guarantee was terminated in June 2024. This does not constitute public financial support to Vestre, and Vestre has not received any funds under this scheme.
When the investment decision was made in 2020, Vestre stated that the factory would employ approximately 30 people. At the end of 2023, The Plus employed 44 people. In 2024, the number of employees was 47, and as of 31 December 2025, the number is again 44.
As a result of market conditions during the low season in the first quarter of 2026, working hours at the furniture factory The Plus have been temporarily reduced from 100 to 50 percent for parts of the workforce. This has led to a reduction in operational production days, and the measure is considered temporary.
This is the first time Vestre has had to temporarily lay off employees and halve working hours for some of our highly valued colleagues due to market conditions. However, we remain optimistic about the year ahead and expect conditions to improve as the spring progresses.