Bathroom products manufacturer Lakes Showering Spaces has received funding of £3.75 million from Praetura Commercial Finance, which it plans to use to grow its business.
Lakes was able to secure the funding to help meet rising customer demand, and also combat the fast-changing trends in the bathroom products sector. According to Lakes, the funding will help it launch a new collection of walk-in showers, as well as exploring markets outside the UK.
Praetura is a commercial finance company that funds SMEs, with the majority of companies it supports based in the north of England.
According to Lakes managing director Mike Gahir, the funding from Praetura will help the company to continue the legacy of its founder, Robin Craddock, who started the company in 1986.
Gahir commented: “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.
“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.”
Commercial director of Praetura Commercial Finance Stuart Bates added: “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 news follows the recent management buyout of Lakes by its board of directors, which took place in November. The board – comprising managing director Mike Gahir, finance director Bev Brown, sales director Darren Bedford and operations director Chris Thain – acquired the entire share capital of the business from former majority shareholder, the Craddock Family Trust.