Cheltenham car spa gears up for growth

A car detailing business is accelerating its national growth plans after securing funding to purchase a new headquarters.

Cheltenham-based Elite Car Spa, which caters to high-end vehicles from Aston Martin and Bentley to Lamborghini and Bugatti, has bought a purpose-designed site on Tewkesbury Road, after securing a £455,000 deal with Reward Funding. 

The move lays the groundwork for a UK-wide franchise model, building on exclusive partnerships with local dealerships such as HR Owen. 

Founder Chris Cottam, who also co-owns the Clarence Court Hotel in the historic spa town, has converted the building’s upper floor into ten serviced offices, creating extra income to support the investment and providing rental opportunities to other local businesses.

He 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.”

Reward Funding backed the deal after banks rejected the proposal due to the company’s short trading history. 

David Owen, business development director for Wales and the South West at Reward Funding, 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.

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