Manufacturer Lakes Showering Spaces has secured £3.75m funding to grow the business and preserve its late founder’s legacy.

Established in 1986, the Gloucester-based business manufactures bath screens, shower enclosures and walk-in models.

Using finance from Praetura Commercial Finance, Lakes plans to modernise its range starting with the launch of a new collection of walk-in showers.

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The Gloucestershire-based company also plans to explore overseas markets, securing future growth for the business.

Coinciding with the deal, the current Lakes Showering Spaces board also completed a management buy-out (MBO) of the company, which the business says will protect the ethos laid out by its late founder Robin Craddock.

Managing director at Lakes Showering Spaces Mike Gahir said: “Lakes Showering Spaces is a family business built on family principles. We have over 130 staff across the UK and our wholly owned subsidiary in China, and everyone is committed to growing and taking on new opportunities.

“The key for us was preserving the legacy established by Robin, who sadly died seven years ago. Having an understanding and supportive funding partner in Praetura Commercial Finance will enable us to invest in the business he was so proud of.”

Commercial director at Praetura Commercial Finance Stuart Bates said: “We instantly understood the vision laid out by the Lakes Showering Spaces team and their desire to continue building the brand Robin founded.

“Lakes is renowned for quality and innovation, so this funding facility is very much intended to keep the brand at the forefront of the bathroom sector, with new product launches and styles.”

The deal was completed by mfg Solicitors LLP, Squire Patton Boggs and Harrison Clark Rickerbys, who advised Lakes Showering Spaces, Praetura Commercial Finance and the vendors respectively.