£25m refinance for holiday homes business
CARAVAN manufacturer Willerby Holiday Homes has completed a £25m refinancing to support expansion plans.
The business, which employs around 1,000 across its operations from its base in hull, has agreed the facilities with Lloyds Bank Commercial Banking.
The deal includes £10m of senior debt alongside working capital facilities.
WIllerby can manufacture and supply around 7,000 units annually to national and independent holiday park operators. It is looking to the private customer sector via dealers to expand in the global market.
For the year to October 2015, turnover increased to £124.5m, up from £101.6m for the same period the year before.
Pre-tax profits jumped back to levels preceding the sale of its modular homes business. The company returned £2.53m, compared to pretax profit for the year to 27 September 2014 of £1.2m.
Susan Allan, finance director at Willerby Holiday Homes, said: “Our long-standing relationship with the team at Lloyds Bank has been an invaluable part of our success. As a business in the heart of East Yorkshire, it is important to us that our banking partner understands the geographical context we operate within, and the bank’s local ‘on the ground’ expertise demonstrates their clear commitment to supporting regional businesses such as ours.”
Kate Grimoldby, director at Lloyds Bank Commercial Banking, said: “The holiday homes market is enjoying a surge in confidence, thanks to an affluent and growing customer base and increased appetite for domestic tourism. Buoyed by such positive market dynamics, and with new funding in place, the business is in a strong position to continue its growth story in its landmark 70th year and realise its ambitions.”
Kate Grimoldby and Will Johnson led the deal for Lloyds Bank.
