Funding package joy for Carnaby Caravans
Carnaby Caravans, a leading manufacturer of high-quality holiday homes, is set for further growth following a record year which has seen revenues grow by more than 50% to £30million.
Shawbrook, the specialist lender, has provided an undisclosed funding package to Carnaby, alongside backing from debt funder Frontier Development Capital (FDC).
Founded in 1976, Carnaby is one of the UK’s most well-established manufacturers of high-quality holiday homes.
The business has grown substantially over this time, driven by its reputation of producing holiday homes to an exceptional standard.
The transaction, initiated by its shareholders Nigel Smailes, chief executive, and Tim Meadley, operations director, allows the business to pursue its ambitious growth plans.
Sandra Carter, sales director, and Mike Swift, technical director, join Scott Thornton, finance director, on the board with all three becoming shareholders alongside Mr Smailes and Mr Meadley.
Carnaby Caravans was introduced to Shawbrook Bank and FDC by corporate finance advisers Dow Schofield Watts which led and structured the transaction on behalf of Mr Smailes and Mr Meadley.
Mr Smailes said: “Following the successful completion of this transaction and the new appointments to the board, we are eager to further strengthen our presence in our markets as we continue to serve our customers, existing and new.
“Shawbrook has an excellent reputation in our local market and this was proven by their ability to deliver. By getting to know our business and our needs they were able to craft a bespoke funding solution that will allow us to evolve the business and continue to grow as we look ahead.
“We are delighted to welcome Shawbrook alongside Frontier Development Capital as new funders to the business.”
Roger Esler, Corporate Finance Director at Dow Schofield Watts in Yorkshire, said: “We have worked with Carnaby Caravans over several years and witnessed both the growth in the business and the strengthening of its brand and reputation with leisure parks and holiday home owners alike.
“We are delighted to have advised on this transaction that brings new funders to the business as well as new appointments to the board at a time of unprecedented activity for the market.”