Cavendish Capital Advisors LLP advises on a development capital fund-raising for Carsite Ltd

Published January 05, 2009

Cavendish Capital Advisors LLP is pleased to announce the completion of a development capital fund-raising for Carsite Limited.

Carsite - www.carsite.co.uk - sell 1-owner, 3 year-old, ex-fleet cars direct to the consumer on-line. The usual middle man dealer is therefore removed which enables consumers to purchase ex-fleet cars direct from major UK sellers at lower wholesale prices. Each car is independently RAC and HPI checked and valeted before sale.

The company benefits from strong relationships with leasing companies who regard Carsite as a genuine alternative route to market. Carsite's efficient business model enable them to market to a much wider audience and often achieve better prices for the selling lease company as well as providing consumers with significant savings. Carsite is expected to benefit from the current economic downturn as consumers move from purchasing new to used cars and use the internet to achieve the best possible price.

The fund-raising transaction was completed with a consortium of private investors who all saw an opportunity to invest at an early-stage in a company with significant growth potential.

The transaction was led by Cavendish Partner Simon Ramery, supported by Executive Carl Crompton.

Commenting on the deal Simon Ramery said:

"We are very pleased with the completion of this fund-raising transaction which was achieved in a very short period of time in some of the most challenging market conditions for some time. The investors saw an opportunity to invest in a very interesting, high potential business and the deal allows Carsite to now embark upon the next stage in their growth. The UK retail car industry is facing difficult times at the moment and Carsite's unique business model is refreshingly efficient and innovative and just what the market requires. One only needs to read some of the 1000 un-edited customer testimonials on the Carsite website - www.carsite.co.uk/carsite-testimonials - to realise that the founders have created a business which re-defines car retailing. We will be working with Carsite as a partner to help them identify further opportunities and provide them with strategic, operational and financial advice going forward.

This deal provides an excellent platform for Carsite's continued growth and development and demonstrates Cavendish Capital Advisors' ability to identify investors and execute and close deals even in the current difficult market conditions."