Background – A once-popular Dorset pub was looking for new life under fresh ownership.
The Clockhouse Inn in Chideock, near Bridport, closed its doors in December 2023 and was put up for sale by its long-term owners. Its new owners, Matt and Alex Mawhood, will now breathe new life into the pub after securing the finance to buy their dream business. The couple approached us via the selling agent, Michael Easton, at Vickery Holman, needing to secure a loan of £265,000 to buy the pub and realise their ambition of becoming landlords.
Challenges – Securing finance for a recently closed pub proved difficult.
Their request was challenging as the pub had been closed for several months. Also, while Matt and Alex had relevant experience, they hadn’t operated a pub or run a business before. Neither of these facts made the loan an attractive prospect to most lenders. However, we were selective about who we approached, and we put a good case forward, supported by a thorough business plan from the couple.
Solution -Identified the right lender and helped present a strong business case.
With our help, Matt and Alex secured a loan of £265,000 (60% of the purchase price) to buy the pub. They’re now the proud new landlords and are busy preparing to reopen the historic pub.
Outcome – A successful purchase, a new beginning, and a dream realised.
“Anthony at ASC was incredibly helpful and informative even before we went ahead with his services, which is why we wanted to use ASC. This was our first time in getting this type of mortgage and Anthony gave us lots of guidance, patience and help throughout. Most importantly, he didn’t give up on us, and after multiple rejections from the mainstream lenders, he was able to source us a suitable lender who also believed in our vision, just like Anthony did.
Thanks to Anthony and ASC, we are fulfilling our dream and now own our very own free house pub in Dorset! We can’t thank you enough, Anthony and team – cheers to you!”
– Alex Mawhood, The Clock House Inn
You don’t have to look far to find news articles highlighting the sector’s difficulty. Stories of various pub closures are published weekly, citing a reduction in footfall, rising operating costs, and other concerns.
At ASC, we have direct experience and expertise in hospitality, which allows us to present a viable proposition to lenders despite their cautious view of the sector. Working with the right commercial finance broker is really the only way to secure the right finance.
