News

British caravan and RV parts wholesale company Miriad Products (MRDB Holdings Limited Group) has received a significant follow-on investment from its long-term capital partner Duke Royalty Limited. The funds will allow Miriad to buyout and cancel all of its subordinated vendor loan notes (VLNs) and will see Duke increase its equity interest in Miriad up to 30 per cent.

The investment boost comes during a strong period for Miriad, which has benefited from the increasing number of UK consumers who have either decided to, or been forced to stay within the country for their holidays and recreation time due to the restrictions of the COVID-19 pandemic. 

Penny Whitelock, CEO of Miriad, said: “By upsizing our current facility with Duke, we have been able to remove any long-term uncertainty associated with paying down the VLNs. This also allows our management team a greater degree of control over the Company and further enhances the relationship with Duke as our preferred long-term financing partner.”

Meanwhile, Neil Johnson, CEO of Duke Royalty, added: “Duke's ability to support the Company at this time was welcomed as management did not want the uncertainty that may arise by seeking financing during a pandemic. Miriad's business continues to expand and it has been one of the beneficiaries of the Covid- 19 pandemic as UK residents make the decision to holiday at home rather than travel abroad. We look to the future with Miriad with confidence.”

Duke originally invested in Miriad in April 2019, and this new investment makes the caravan and RV company one of Duke’s largest investments. Miriad also recently moved to a new, larger headquarters in the UK town of Uttoxeter to align with the growth of its overall business.