7 April 2020
Mother Goose were looking for funding to add a new café to their interiors retail store. From traditional shop fitting like display cabinets and EPOS systems to catering equipment like refrigerators and ovens, they needed funding to make it happen.
We helped Mother Goose fund the equipment they needed to expand their café
The owners went to their business bank to ask for the finance they needed to fund the growth. Their application was declined. This was largely because the business had carried over some historic losses into each new year, and the cumulative effect had tarnished their accounts.
Overall, this painted a negative historical picture, which the bank saw as more important than the boom in business in the most recent 18 months. The family-run company showed clear signs of a business on the up, with bank statements showing good affordability and all the characteristics of a business embarking on a period of growth.
Mother Goose approached Funding Options after they’d already been declined by their bank to see if we could help find a different solution. We spoke at length with the owners about what they wanted, and looked at a variety of possible options.
Time was of the essence — the business already had one offer from an alternative lender, but the paperwork and complications with these procedures had greatly irritated the owners.
Given their historic accounts, it was clear we'd have to approach the market to find a lender who was willing to look beyond the past, and focus on future projections and the significant security being offered.
We sourced a business loan of £200,000 to enable the works to go ahead and create a truly unique retail outlet in this old mill town in Cheshire.
After the first round of funding, Joyce and Mother Goose came back as repeat customers for additional funding — because the initial café went so well that they wanted to convert the entire premises into a café bar.APPLY FOR FUNDING TODAY
Since we helped Mother Goose find business finance, Joyce decided to sell the premises and retire — all of us at Funding Options wish her a long and happy retirement.
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The additional funds and time away from work meant Tim and his team could spend more time focusing on scaling the business.
The historic Ruthin Castle Hotel had entered voluntary administration when it could no longer service its debt. Refurbishment plans had overrun and exceeded budget, running to high costs that meant the business was struggling to pay its creditors.