Willerby Holiday Homes in £43m refinancing
HOLIDAY home and lodge manufacturer Willerby Holiday Homes has completed a £43m refinancing with support from Lloyds Bank Commercial Banking.
This includes a facility of up to £20m from Lloyds Bank’s asset based lending division, Lloyds TSB Commercial Finance.
Led by the bank’s Hull and Leeds-based relationship teams alongside key shareholders, the refinancing significantly strengthens Willerby’s balance sheet in order to provide the business with additional capacity to support new product development.
Following the deal Hull-based Willerby has switched its banking relationship to Lloyds Bank Commercial Banking.
Owned by parent company SCAID Investments, in which private equity firm Cavendish Square Partners is now the majority shareholder, Willerby is the UK’s largest holiday home manufacturer.
A multidisciplinary team from DLA Piper advised SCAID on the transaction. Walker Morris advised Lloyds Bank.
Jim Meredith, chief executive of Willerby Holiday Homes, said: “This latest agreement with Lloyds Bank is testament to the strength of our long term vision for the business and also our track record for innovation, which has seen us become the market’s number one.
“The funding will play a key role in helping accelerate product development and market expansion including our growing interests in the European arena.”
Richard Townsend, relationship director for Lloyds Bank Commercial Banking in Hull, added: “Willerby is one of East Yorkshire’s unsung heroes whose manufacturing quality and commitment to continual product innovation has seen them become the best in class in their market. Medium sized businesses like Willerby have a crucial part to play in the UK’s economic revival and Lloyds Bank has made a signature commitment to support their ambitions.”
Steven McGawn, business development director from Lloyds TSB Commercial Finance, said: “The business’ management team has impressive plans for the future growth of the company, and this bespoke funding package provides a great platform for the achievement of these ambitions.”
The DLA Piper team from the firm’s Sheffield, Leeds and Manchester offices, was led by partners Catherine Simister and Richard Obank, alongside partner Matt Christmas and solicitors Rob Bennett, Chris Lister and Charles Weems.
Catherine Simister and Richard Obank, partners at DLA Piper stated: “It has been a real pleasure to have worked with the very capable management team at SCAID on the reorganisation and refinancing of Willerby Holiday Homes. The company has a great track record and is now well placed to go from strength to strength. We look forward to continuing to work with the company in the future.”
