Arbuthnot Commercial ABL backs majestic shower company with seven-figure working capital facility
Arbuthnot Commercial ABL has supported The Majestic Shower Company (“Majestic”) with a new flexible working capital facility, refinancing its existing banking arrangements to deliver more than double the quantum offered by its previous providers.
Headquartered in Harlow, Essex, Majestic, a family-owned business which began trading in 1968, quickly established itself as the market leading producer of premium heritage shower enclosures in the UK. Majestic has a wholly-owned subsidiary, Mistley, at a lower price-point, which offers access to a new market.
Tom King, the son of the founder of the business, took control of the company in August 2015 with an increasing focus on the architectural side of the operation.
The company has delivered prestige projects for One Hyde Park; The Lancasters, Hyde Park; The St Pancras Renaissance London Hotel and Residential Chambers; and The Shard’s residential apartments. Work has also been undertaken in The Bulgari Hotel, Claridge’s, The Goring, The Dorchester, The Ritz, St Andrews, Gleneagles and Wentworth, alongside a core of high-end residential pieces.
Andrew Rutherford, commercial director at Arbuthnot Commercial ABL, said:
“Majestic is a highly scalable and compelling proposition as well as being a well-respected brand and we look forward to providing the level of funding and strength of relationship that will support the next stage in the evolution of this long-established, family owned business.”
Simon Rourke, finance director, Majestic Shower Company Limited, said:
“Right from the word go, Arbuthnot Commercial ABL gave us the confidence that they were here to do a deal. We had direct access to the people who make the decisions and the back-office support was seamless. We received constant contact, the process was smooth and straightforward, and they did everything that they said they would.
“We see Arbuthnot Commercial ABL as being perfectly aligned with our brand and key to our growth strategy going forward. The working capital provided by Arbuthnot Commercial ABL will be invaluable as we seek to progress new initiatives, with product development, production and international expansion also featuring high on our agenda.”
European Valuations conducted the asset appraisal and Bermans provided legal advice.