Sector
Established
Location
Superior Wellness
Superior Wellness is a well-respected brand in the hot tub and swim spa industry. The company has an excellent reputation for quality and innovation, selling products throughout the UK and Europe. Thriving success saw Superior Wellness outgrow its existing premises, and with a need to expand becoming a top priority, they required a trusted partner to help guide them to the next level.
The Journey
Established in 2011 from a bedroom in his house, Managing Director Rob Carlin started importing electronics components before branching out into hot tubs and spas. Rob initially sold his products on eBay under the banner of Superior Spas. Since then, Rob has gone from strength to strength, switching his business model to distribution. Following a name change and rebrand to Superior Wellness, the company now sells many sub-brands under the new group name.
The Accountant
Recognising a need to grow, Superior Wellness turned to Mitchells Accountants & Business Advisers. Our experienced team worked closely with Superior Wellness to develop a robust financial plan for their proposed expansion, ensuring the company had access to the funding needed to make the investment.
The Transaction
Mitchells helped secure £1.6m funding for the expansion, guiding the company through the best available options. In addition, our negotiating skills with potential funders were a significant factor in helping to secure the financing.
The capital raised originated from multiple sources, including a £249k grant from the Sheffield City Region Business Investment Fund, £750k from Natwest with the support of Relationship Director William Islip, and a £150k loan as part of the University of Derby’s Invest to Grow programme.
The Lead Advisor
Mitchells partner Andrew McDaid acted as lead advisor on the transaction and added the following comments: “Having maximised turnover from their current location, the next natural step was to secure funding for larger premises to enable Superior Wellness to continue its growth strategy in Europe. Our expertise is in helping businesses grow and assisting firms of all sizes overcome big challenges. We were delighted to assist Superior Wellness’ expansion into new premises and drive the company forward in an exciting period of growth.”
Superior Wellness Managing Director Robert Carlin was over the moon with the deal adding, “The move to our new premises will bring a range of benefits to both the company and the local community. The facility will dramatically improve our efficiency by reducing dispatch times whilst also providing a high-end showroom and offices.”
The Funder
Thanks to our ongoing relationships with interested parties wanting to encourage growth in their area, we were able to bring together all parties, resulting in a satisfactory conclusion to the Superior Wellness expansion.
Sheffield City Region Local Enterprise Partnership Board Member Neil MacDonald added: “It’s good to work with Mitchells in providing opportunities that help businesses across our region unlock investment to secure growth and jobs. It’s great to support the Superior Wellness expansion, which is, in turn, growing our economy by creating 30 new jobs.”
“Mitchells are highly professional and provide us with added value, thanks to their monthly management reports we are able to track our progress as a company.” – Pat Musgrave, Managing Director, P&D Specialised Services Ltd
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