Debt Advisory

Debt facility supports bathroom & radiator business growth

FRP secures debt funding for Kartell Group


Kartell UK Limited (Kartell) is one of the largest and fastest-growing suppliers of bathroom products and radiators to the independent merchant and showroom sector in the UK. In 2019, Kartell engaged FRP to help with the acquisition of Leeds-based shower tray manufacturer JT Holdings (UK) Limited (Just Trays), which employed more than 125 people and had annual revenues of £14 million. The completed transaction resulted in an enlarged group with revenues of more than £70 million. In connection with this deal, Kartell also asked FRP to advise on new debt facilities.


FRP’s team were able to secure a debt facility in excess of £20 million for the new-look Kartell Group, while also engaging with the Greater Manchester Combined Authority (GMCA) to provide an additional funding facility of £1.5 million to support the growth plans of the business. Kartell has a large distribution centre based in Wigan, which employs more than 100 people. The GMCA Fund supports local job creation for high-quality SMEs in its region, and identified the enlarged Kartell Group as such, thanks to FRP’s introduction.


Initially, the GMCA Fund made a £1 million loan offer to Kartell. However, with the help of our team, the group was able to secure an increased loan of £1.5 million. FRP initiated the deal with GMCA and assisted Kartell throughout producing a funding plan, financial modelling and with the documentation process, which included negotiating consent to approve the new loan with the other senior secured lenders and deferred loan note holders.

“We’re proud to have attracted the backing of GMCA, which will be vital in helping us to expand our global reach and market share in the UK. Andy and the team at FRP have exceptional knowledge of the manufacturing industry in the North West, and their insight and negotiation skills proved invaluable in allowing us to secure this significant investment.” Alex Norford, Managing Director at Kartell UK Limited.


£1.5 million

The new debt facility secured by FRP for the enlarged Kartell Group.