Hull’s Willerby Holiday Homes strikes new £25m refinance deal

Willerby Holiday Homes, the UK’s largest static caravan and holiday home manufacturer, has completed a refinance worth £25m with Lloyds Bank Commercial Banking.

The company will use the new deal to help to support expansion and new product development.

The deal includes £10m of senior debt alongside working capital facilities, and has been led by the bank’s Strategic Debt Finance and Yorkshire Mid Markets team.

Headquartered in Hull, the business is employs around 1,000 in the region.

Willerby Holiday Homes, which recently expanded its showroom network into Scotland, can now manufacture and supply around 7,000 units annually to national and independent holiday park operators.

In the business’ most recent financial results to October 2015, turnover increased to £124.5m, up from £101.6m for the same period the year before.

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.

“Lloyds Bank is committed to supporting major regional employers, as well as the UK manufacturing industry, to which we pledged £1.4bn worth of support during 2015. The team at Willerby exemplify the success that can be achieved with innovative thinking and ambition among manufacturing businesses, and we are proud to support the next stage of their growth cycle.”

Susan Allan, Finance Director at Willerby Holiday Homes, added: “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 and Will Johnson led the deal for Lloyds Bank.

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