Background – Supporting a family’s dream to run a kennels and cattery
It is becoming increasingly common for family members to be working together and support each other in business opportunities. That can bring with it its own challenges and in this recent deal, successfully completed by Conrad Robins, ASC Director in Devon, we overcame some of the expected issues and more.
Two generations of the Holmes family, were looking to borrow £300,000 to buy a boarding kennels and cattery in Crediton, licensed for 30 dogs and 15 cats, owners’ bungalow and set in 2 acres of grounds. This was a really exciting opportunity for the family giving them the chance to compliment and grow their dog breeding business which had opened the year before.
Challenges – Overcoming funding hurdles for a newly acquired business
There were a number of hurdles to get over, one being the business was closed when the family was looking to take it over so there were no recent accounts to provide to the lender to show a track record. Similarly, whilst the family had another business, this had been operating for a year only so we didn’t have the usual history of financials. These are some of the things that a bank will normally look for and expect to find as part of the application for a loan. Every application has its quirks and that’s why it is so important to have a broker helping to shape, perfect and present your proposal to the bank.
How did ASC help?
Solution – Expert guidance and lender relationships make the difference
When Conrad got his paws on the case his track record and relationship with lenders helped the Holmes family get their finance secured. His 30 years’ experience of commercial finance overcame the various challenges lenders presented and allowed him to put together a strong case to the bank.
“As with all the clients I work with it was a pleasure getting to know the Holmes family and helping them get what they need – I’m so glad that we could make it happen for them”
Outcome – A thriving family business with a bright future
We spoke to the Holmes family this week who are delighted to report that the kennels and cattery are full!
To find out more about ASC and how we can help you to secure finance for your business, please visit our website and let us give you a call. You’d be barking mad not to!
