Gigantic Kitchen expansion!

West Sussex based company Offspec Kitchens are one of the UK’s foremost business success stories.  In 2006 they were the UK’s 8th fastest growing company (Real Business Journal), and comfortably the fastest growing manufacturing company in the UK.  Offspec’s core business specialises in kitchen design and installation for the construction industry and last year supplied around 5,000 kitchens.  Their rapid expansion has been built on their ethos of quality and delivery, allowing them to win numerous contracts for new property developments around London and the South East.  They count many of the national house builders amongst their clients.

We’ve been delighted to help Offspec arrange and structure funding to support their development programme.  In 2005, the Directors of Offspec made the strategic decision to consolidate their operations.  They bought their own premises, moving from 5 premises scattered across a wide area into one 30,000 sq ft site at Billingshurst, West Sussex.  Offspec had planned to fund this purchase through their existing bank, however at the last minute the bank amended their proposed terms.  Therefore, Offspec were forced to purchase through a mixture of bank and private loans.

Following the purchase, Offspec first made contact with us.  After a series of meetings, debt was refinanced in order to repay the existing loans.  We also reviewed the company’s wider banking arrangements and jointly negotiated a new banking package, which included the new commercial mortgage.  Crucially substantial increases in the working capital facility were negotiated to support forecast growth.

We continue to maintain a close working relationship and have been involved in further reviews of the finance package on a consultancy basis.

Offspec Kitchens have recently branched out into the retail market now offering bespoke kitchen solutions for developers, landlords and individuals alike.