Santander Corporate & Commercial has provided a £1.17m funding facility to motor home retailer Elite Motorhomes Group.
According to Elite Motorhomes, the funding has allowed it to increase levels of stock at a ‘key time’ in the market and also purchase outright the freehold on the Banbury site from non-family members.
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"There is flexibility for the funding to increase by a further £250,000 in January next year to help the firm invest for growth and manage cashflow further if market conditions remain positive," the company wrote.
The Banbury-based company said it is on track to see turnover grow 20% from £10m in 2015 to £12m for 2016 as the UK public looks to buy increasing numbers of used and new motor homes.
Chris Maynard, director at Elite Motorhomes, said: "The business has seen record customer demand across 2015 and I’m confident this will continue into 2016. We are making plans to capitalise further on this, and the team at Santander has been able to deliver a flexible solution which has allowed us to make the necessary investments."
Andrew Bullock, relationship director for Santander Corporate & Commercial, said: "Elite Motorhomes has developed into a leading brand in its sector thanks to the long-term foresight of the management team. The firm is clearly poised for further growth and we are delighted that Santander has been able to support the business at this key time."
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