To help capitalise on further growth opportunities and maintain its strong business momentum, the coachbuilder has signed a significant financing deal with Royal Bank of Scotland Corporate & Institutional Banking (RBS CIB).
Operating from a 38-acre site in Cheshire, Cartwright has developed one of the most efficient bodywork and trailer manufacturing plants in Europe. The firm, which celebrated its 60th anniversary last year, increased its market share in the UK parcel, retail and transport sector in 2012 helped by on-going investments in its facilities and staff: it invested £2m in its factory complex across the year, for instance, and saw its new apprenticeship scheme fully subscribed. An additional 30 apprentices will start work in 2013, bringing the total to 70, while it also plans to take on a number of additional operatives.
Cartwright has already begun 2013 with new orders and clients, including its first ambulance conversion order for Yorkshire Ambulance Service and a number of new temperature controlled customers including a leading supermarket chain. The firm’s rentals division has expanded dramatically over the past five years and the business, which has the largest trailer rental offering in the UK, is investing further in its leasing capability as divisional revenues approach £20m – equating to 25% of the group’s turnover.
The financing deal was arranged by the Manchester team at RBS CIB and will be used to refinance existing debt, to make further investments and as working capital. RBS CIB has also become the day-to-day business bank for Cartwright.
"We had an excellent 2012 and we are confident that 2013 will be even stronger. We have started the year with good business volumes and indicators, allowing us to hire more employees and make long-term investments in the business. In terms of product development, we intend to push more temperature controlled products, from home delivery vehicles up to double deck trailers."
Steven Cartwright, director at The Cartwright Group
"The Cartwright Group is a manufacturing success story and the exact type of business the UK needs more of. The firm is led by a dedicated management team with a profound understanding of the market and a similarly strong sense of fostering growth and seizing opportunities. We will work with the firm to support its continuing growth and look forward to a positive year ahead."
Sam Reynolds, relationship director, RBS Corporate & Institutional Banking