Elite Automobile Spa is gearing up its nationwide enlargement plans after securing a £455,000 funding package deal to buy its enterprise headquarters.
Based by entrepreneur and hotelier Chris Cottam, the enterprise has acquired a purpose-designed facility on Tewkesbury Highway in Cheltenham utilizing working capital offered by different lender Reward Funding
The lender offered assist in securing the finance after the enterprise, which launched in 2023, confronted challenges as a consequence of its restricted buying and selling historical past.
The corporate specialises in detailing for high-end autos from Aston Martins and Bentleys to Lamborghinis and Bugattis by unique partnerships with dealerships together with HR Owen and likewise gives providers on to the general public.
Key to the funding deal was the acquisition of the headquarters constructing, which incorporates a bespoke drive-through detailing workspace.
“We’ve been on an thrilling journey with the enterprise and shortly realised that any long-term franchising and development goals wanted to be underpinned by the renovation and buy of our headquarters,” stated Cottam.
“We’ve labored onerous to rework it right into a state-of-the-art automobile detailing and valeting facility, while the event of workplace area on the higher ground supplies house to a number of native companies.
“It’s been a pleasure working with David and the group at Reward, who stepped in to assist us financially at a time when the banks had been unable to assist us fund the acquisition. Moderately than taking a step again and slowing down as a enterprise, the working capital has enabled us to finish the transaction at tempo and we now look ahead to nationwide enlargement.”
David Owen, enterprise improvement director for Wales and the South West at Reward, stated: “Having the ability to assist fund the ambition of profitable entrepreneurs like Chris, who’ve struggled to safe finance by conventional lenders, is vastly rewarding. Though he has spent nearly all of his profession within the resort sector, Chris has shortly established a confirmed monitor report within the automobile detailing and automotive area.
The funding association was brokered by Martin Freeman, director at worldwide advisory group Azets.
Pictured (L-R) David Owen, Chris Cottam, Martin Freeman
