Funding deal enables Cheltenham car detailing company to acquire headquarters and expand
A Cheltenham-based car detailing company is driving forward its franchising growth plans after securing a £455,000 funding deal to purchase its business headquarters in the town.
Elite Car Spa, owned by local entrepreneur Chris Cottam, utilised the working capital provided by Reward Funding to acquire the purpose-designed property on Tewkesbury Road and lay the foundations to franchise his successful business model across the UK.
Chris had previously struggled to secure finance through banks due to Elite Car Spa’s relatively short trading history. This prompted him to seek an alternative finance solution with Reward, a nationwide provider which helps fund the growth of ambitious entrepreneurs, property investors and businesses.
Elite Car Spa was launched in 2023 to provide meticulous car detailing services for high-performance, luxury supercars ranging from Aston Martin and Bentley to Lamborghini and Bugatti, via exclusive partnerships with local dealerships such as HR Owen in Cheltenham.
With the business also open to the public, Chris is now eyeing further expansion through franchising opportunities with other dealerships across the UK. Key to achieving this was the outright purchase of the existing headquarters, which boasts a purpose-designed, drive-thru car valeting and detailing workspace on the ground floor.
Recognising the opportunity to unlock additional revenue streams within the property, Chris has also converted the upstairs space into 10 serviced offices to provide rental opportunities to other local businesses. The additional income and financial security provided by the lettings were also key factors in Reward being able to make the deal happen.
Chris Cottam, founder and director of Elite Car Spa said: “We’ve been on an exciting journey with the business and quickly realised that any long-term franchising and growth aims needed to be underpinned by the renovation and purchase of our headquarters. We’ve worked hard to transform it into a state-of-the-art car detailing and valeting facility, whilst the development of office space on the upper floor provides home to several local businesses.
“It’s been a pleasure working with David and the team at Reward, who stepped in to support us financially at a time when the banks were unable to help us fund the purchase. Rather than taking a step back and slowing down as a business, the working capital has enabled us to complete the transaction at pace and we now look forward to national expansion.”
In addition to establishing Elite Car Spa, Chris and his partner Elaine have owned the Clarence Court Hotel in Cheltenham since 2020 and have transformed it into a hugely popular boutique experience, situated close to the racecourse. Chris has worked in the hotel industry for over 35 years, both in London and internationally.
David Owen, Reward Funding’s business development director for Wales and the South West, added: “Being able to help fund the ambition of successful entrepreneurs like Chris, who have struggled to secure finance through traditional lenders, is hugely rewarding. Although he has spent the majority of his career in the hotel sector, Chris has quickly established a proven track record in the car detailing and automotive space.
“Elite Car Spa really demonstrates our flexibility as an alternative lender and our ability to take a pragmatic approach when presented with a business that has strong growth potential and franchising ambitions.”
The deal between Reward and Elite Car Spa was brokered by Martin Freeman, a director at international advisory group, Azets.