How our partnership began

Tellus was founded in 2021 when nine experienced recreational vehicle retailers and service providers joined forces to create a superior offering in Norway. The overarching goal for Tellus is to build “one Tellus everywhere”, enhancing the ultimate voyage for all customers and business partners.

Recent results

Tellus faced another challenging year in 2023, with a 6% decline in turnover compared to 2022, reflecting ongoing market pressures. The broader market for new motorhomes is at historic lows, down over 60% since 2021, significantly impacting Tellus’ liquidity and inventory management.

In response, the company launched a comprehensive turnaround program, including a change in leadership and strategic cost-cutting measures, with plans to complete these adjustments by the end of 2024. Financial stability was bolstered through a NOK 100 million convertible loan and improved debt terms from existing lenders.

How we see the future

Tellus expects a gradual market recovery from 2025 as interest rates stabilize and consumer sentiment improves. Meanwhile, the company remains focused on executing its turnaround strategy, enhancing cost efficiency, and preparing for future growth. Sustainability is a key component of Tellus’ strategy, with plans to integrate ESG principles across operations to drive long-term value creation. By reinforcing its structural resilience, Tellus aims to navigate the current downturn and emerge well-positioned when market conditions improve.