Cheltenham car detailer buys HQ with £455k funding to drive franchising bid

Elite Car Spa is gearing up its national expansion plans after securing a £455,000 funding package to purchase its business headquarters.

Founded by entrepreneur and hotelier Chris Cottam, the business has acquired a purpose-designed facility on Tewkesbury Road in Cheltenham using working capital provided by alternative lender Reward Funding

The lender provided support in securing the finance after the business, which launched in 2023, faced challenges due to its limited trading history.

The company specialises in detailing for high-end vehicles from Aston Martins and Bentleys to Lamborghinis and Bugattis through exclusive partnerships with dealerships including HR Owen and also offers services directly to the public.

Key to the funding deal was the acquisition of the headquarters building, which features a bespoke drive-through detailing workspace.

“We’ve been on an exciting journey with the business and quickly realised that any long-term franchising and growth aims needed to be underpinned by the renovation and purchase of our headquarters,” said Cottam.

“We’ve worked hard to transform it into a state-of-the-art car detailing and valeting facility, whilst the development of office space on the upper floor provides home to several local businesses.

“It’s been a pleasure working with David and the team at Reward, who stepped in to support us financially at a time when the banks were unable to help us fund the purchase. Rather than taking a step back and slowing down as a business, the working capital has enabled us to complete the transaction at pace and we now look forward to national expansion.”

David Owen, business development director for Wales and the South West at Reward, said: “Being able to help fund the ambition of successful entrepreneurs like Chris, who have struggled to secure finance through traditional lenders, is hugely rewarding. Although he has spent the majority of his career in the hotel sector, Chris has quickly established a proven track record in the car detailing and automotive space.

The funding arrangement was brokered by Martin Freeman, director at international advisory group Azets.

Pictured (L-R) David Owen, Chris Cottam, Martin Freeman