Yorkshire Manufacturer Secures Funding Deal with RBS

Hull, July 2010 – Willerby Holiday Homes, the Hull-based manufacturer of luxury holiday homes has secured a £40million funding package from the Royal Bank of Scotland ("RBS") and Lombard to support the growth of the business and a new dealer stocking facility.

Based on Hedon Road in Hull, Willerby Holiday Homes manufactures and sells its extensive range of holiday homes across the UK and Europe. The company has been at the forefront of holiday home design and manufacture for more than half a century and today employs 850 staff.

Throughout its 65 year history, the hallmark of Willerby Holiday Homes success has been through its innovation, development, attention to detail and customer care. The business has grown significantly from humble beginnings providing a simple but effective 22ft x 7^1/2ft 'Day Home' caravan to the opulence of its award-wining "New Hampshire" - setting the trend in Holiday Home luxury.

RBS has provided a new £40million funding package to Willerby Holiday Homes which consists of a £20million working capital facility supplied by the RBS Invoice Finance team. This is a bespoke and flexible funding line which will support the day-to-day operation and growth of the business in line with seasonal trading conditions. In addition the bank's asset finance division, Lombard, have structured a £20 million finance package to support Willerby with a new dealer stocking facility, which is a line of credit facilities that enables dealers to take advantage of having holiday home 'Demonstrators' on site thereby improving sales for the dealer.

Ian Burville, Chief Executive Officer, said:

"We build holiday homes for people who want to make the most of their leisure time. By combining cutting-edge interior design with innovative space planning, we are constantly transforming our range to provide customers with a comprehensive range of superior quality 'Next Generation' holiday homes and lodges from which to choose. We are confident that, with the support of RBS and Lombard, we are in a good position to grow the business even further and utilise the benefits of the new dealer stocking facility to help build on holiday home sales."

Andy Pickford, Corporate Development Director of RBS Invoice Finance, said:

"Willberby Holiday Homes has a great track record, has significantly outperformed the rest of the market through the downturn and is well placed to capitalise on its strengths and grow its market share. We are thrilled to have structured a flexible working capital package to help this UK manufacturer develop the business further. By working with my colleagues in Lombard we have also been able to provide support for the 'Dealer Demonstrator' sales."

Andy Pickford worked with his colleagues Steve Harris and John Garner across the Bank to complete the transaction for Willerby Holiday Homes.

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