Hull-based
Willerby, the UK’s largest manufacturer of static caravans and lodges, has posted the best results in the company’s 77-year history, with revenues above £200 million for the first time, as the business continues to capitalise on the growing popularity of holidays and short breaks in the UK. The company’s performance reflects the buoyancy of the ‘staycation’ market as increasing numbers of consumers shun holidays abroad in favour of UK vacations and more frequent short breaks.
In Willerby’s latest accounts, for the year to 1 October 2022, the company recorded turnover of £217 million, up 67% from £129.9 million the year before. Operating profits rocketed to £15.1 million, a four-fold increase on £3 million the previous year, and adjusted EBITDA reached £17.2 million — growth of 224% on £5.3 million the year before. The business also ended the financial year with a cash balance of £37.6 million, up by £12.1 million year-on-year.
Willerby has built a third of all new units destined for holiday parks – as well as operating a growing residential park homes brand, Willerby Bespoke, and is at the forefront of an important and growing UK manufacturing industry, which is clustered in Hull and East Yorkshire and employs 20,000 people directly or indirectly within the region.
Willerby CEO Peter Munk (pictured left) said: “There is no doubt there has been a structural change in the market since the pandemic, which we believe will benefit our business and industry over the long term. The UK has some of the world’s most stunning locations, currently being showcased to millions of people in Sir David Attenborough’s BBC series
Wild Isles. The appeal of the British countryside and coast has never been greater.
“We have also seen very significant institutional investment into the staycation market, especially in the holiday parks sector, and in upgrading facilities at sites across the country. That has all fed through to a sustained surge in holiday home ownership and bookings at holiday parks which has, in turn, generated very strong demand for our static caravans, lodges and residential park homes.
“Our order book is very strong and we are now setting out detailed production plans for 2024, to meet the robust demand for our models.”
Strong positionHe added: “Despite the unprecedented challenges we have faced in recent times, from Covid-19 to inflationary pressures, we are in an exceptionally strong position and are at the forefront of a vibrant and growing sector. Moveover, the investments we are making are ensuring we are well placed for sustained growth.”
Willerby’s full-year results are particularly impressive as performance in the first half of the year was impacted by pandemic-driven interruptions to raw material supplies and Covid 19-related staff absences. The ending of Covid-19 restrictions in February 2022 enabled the company to return to normal operations, resulting in a bumper second half of the year. Willerby now has a 1,150-strong workforce and all employees are paid a minimum of the Real Living Wage and a new and improved staff bonus scheme which was introduced during the year.
Furthermore, during the year £1.3 million was invested in research and development of new products and improved manufacturing processes, including upgrading the Willerby range to the company’s new sustainability specification, the Willerby GreEN Standard.
Willerby is now prioritising sustainability across all its operations, including shifting to biomass energy to heat its manufacturing facilities. The company has also worked with partners to create a sustainable end-to-end supply chain, using local suppliers and recycled materials wherever possible.
The business is majority owned by independent investment house Equistone Partners Europe, with a minority stake held by the management team.