A nationwide bathroom manufacturer has secured a £3.75m funding facility from Greater Manchester-based Praetura Commercial Finance amid plans to grow the business and preserve its late founder’s legacy.
Lakes Showering Spaces, based in Tewkesbury, has manufactured and supplied bath screens, shower enclosures and walk-in showers since it was founded in 1986. The business secured the funding to help meet rising customer demand and changing trends in bathroom and shower designs.
With Praetura Commercial Finance as a funding partner, Lakes plans to modernise its range, starting with the launch of a new collection of walk-in showers in various styles and colours. The Gloucestershire-based company also plans to explore overseas markets, securing future growth for the business.
Coinciding with the deal, the current Lakes Showering Spaces board also completed a management buy-out (MBO) of the company, which the business says will protect the ethos laid out by its late founder Robin Craddock.
Mike Gahir, managing director at Lakes Showering Spaces, said: “Lakes Showering Spaces is a family business built on family principles. We have over 130 staff across the UK and our wholly owned subsidiary in China, and everyone is committed to growing and taking on new opportunities.
“The key for us was preserving the legacy established by Robin, who sadly died seven years ago. Having an understanding and supportive funding partner in Praetura Commercial Finance will enable us to invest in the business he was so proud of.”
Stuart Bates, commercial director at Praetura Commercial Finance, said: “We instantly understood the vision laid out by the Lakes Showering Spaces team and their desire to continue building the brand Robin founded. Lakes is renowned for quality and innovation, so this funding facility is very much intended to keep the brand at the forefront of the bathroom sector, with new product launches and styles.”
The deal was completed by mfg Solicitors LLP, Squire Patton Boggs and Harrison Clark Rickerbys, who advised Lakes Showering Spaces, Praetura Commercial Finance and the vendors respectively.
