We were introduced to an operator of two restaurants in the centre of Brighton. The client had experienced some issues with flooding and a series of utility works which had interrupted trade. As a result the business had made a loss in their last full year trading and been declined a loan by their bank.
The restaurant owner’s accountant asked us to look at the business and see what we may be able to arrange.
The business was fundamentally sound, it had a good reputation and had locations in great positions within the city. They needed to undertake some refurbishment work, complete some cosmetic improvements and up their marketing. The peak trading period for the business between June and September.
What We Achieved
We arranged some short term finance so the business could get the works completed in April and May, the loan repayments would start in June when cash flow was at its best. The short term finance was obtained without the directors needing to commit security. The short term nature of the loan meant that performance could be improved prior to the next year end, at which point a longer term solution had been agreed in principle.
In this case we secured funding for the restaurant to get themselves back and trading well with a longer term solution agreed in principle, meaning we had both a short term and longer term solution.
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