Watlington: Crown Pavilions secures HSBC funding for growth plans
A luxury garden room business in Oxfordshire has won a lucrative new contract with wholesale giant Costco after securing a £615,000 finance package from HSBC.
The funding, which is made up of a £415,000 loan and £200,000 overdraft facility, will help Watlington-based Crown Pavilions fulfil its contract to supply Costco with three units per week.
The garden room specialist constructs premium wooden gazebos and bespoke garden rooms, as well as outdoor cinema rooms and spa facilities which include an exclusive range of hot tubs. This latest round of funding comes soon after a £650,000 deal was agreed with the business in 2017, helping it refurbish its UK showroom in Uxbridge where customers can see the extensive range of Crown Pavilions’ products in situ.
Crown Pavilions has built its reputation on delivering outstanding products using the finest materials on the market and the most skilled and tried-and-tested joinery methods. The company, which has offices in both the UK and France, has seen substantial growth since its inception, setting its sights on expansion into Spain this year.
Commenting on the deal, Luke Dejahang, CEO and co-owner at Crown Pavilions, said: “We’ve been delighted with the support received from HSBC which has allowed us to expand our company at a rapid pace. Our new contract with Costco is a great new partnership that we hope to build on in the future. Continuing our international expansion into Spain is an exciting next step for Crown Pavilions; we will have our Spanish HQ in Barcelona and look forward to establishing ourselves in this new market.”
Victoria Ritchie, HSBC’s area director for the City of London, said: “We’ve worked with Crown Pavilions for over six years and have been hugely impressed with its growth during that time. It is a pleasure to work with a company that shows such passion for its industry and a real desire to deliver the very best products possible. The new contract with Costco will see further expansion for the company and propel them into the wholesale market. We can’t wait to see what the company does next and look forward to the opening of their Spanish office.”
