Sentio Insight provided Financial Due Diligence to Lloyds Bank in its £13m funding package to bathroom specialist Easy Bathrooms.
Easy Bathrooms, headquartered in Birstall, supplies bathroom fittings and fixtures, including baths, showers, mirrors, railings and tiles, employing 670 people across the UK.
It sells to consumers through its nationwide store network, as well as to tradespeople, such as housebuilders and hotel developers, under its sister brand Cubico.
Supported by a £13m finance package from Lloyds Bank, the company is set to open a new, custom-built 330,000 sq ft warehouse in Wakefield. As well as tripling its storage capacity from 15,000 to 60,000 pallet spaces, the move will pave the way for the creation of up to 400 jobs across warehousing, distribution and support functions.
Easy Bathrooms celebrated the opening of its 100th store on Boxing Day, with its turnover set to grow from £62.3m to £95m year-on-year.
The company plans to continue its store roll-out, initially focusing on the North East and Scotland, and will invest in its in-house design capabilities ahead of a full range refresh. Last year, it opened 32 stores, and it expects to match this rate of growth in 2022.
Laura Green, financial director at Easy Bathrooms, said: “Over the course of the last two years, the home improvement sector has boomed, and we’ve seen demand for our products soar. Like all businesses, we have been pushed to adapt quickly to constantly changing conditions during the pandemic, and for us this meant accelerating our expansion plans to ensure we could keep up with growing customer demand.
“Our new premises gives us the capacity we need to stock the biggest and best range of products for our customers, and help us operate with maximum efficiency unlocking further growth as we move into the new year.”
Mark Butterworth, relationship director at Lloyds Bank, added: “Easy Bathrooms is an instantly-recognisable, trusted British brand, and we are excited to support the team as they embark on this next phase of their growth journey.
“A leading local employer in Yorkshire, they are a prime example of a brand that has expanded at a pace that is impressive, but still sustainable, tapping into market demand without sacrificing the quality they are known for.”
Ian Robinson, Partner at Sentio Insight, provided the Financial Due Diligence to Lloyds Bank.