by Conrad Robins | Aug 20, 2021
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!
by Conrad Robins | Dec 22, 2020
Background – From family joke to flourishing Thai food brand
“Chuck it in” was one name suggested for Amy and Peter Nixon’s Thai catering business when they first started out three years ago. This was based on a family joke affectionately used to describe Amy’s relaxed cooking style and an expression that she often used herself in jest.
One of Amy’s customers suggested Punk Thai as a punchier alternative and this brand has indeed captured the public imagination!
Challenges – Turning a catering opportunity into business growth
The business began when Amy, who’s from Thailand, was asked by business neighbours of Peter in the Old Bakery Studios business hub in Truro if she would provide them with occasional lunches on site. Expansion followed rapidly to other on-site functions, pop-ups, events and festivals, most notably the successful Tunes In The Dunes on Perranporth beach.
Punk Thai quickly gained traction until, quite by chance at a catered dinner for the owners of Lily’s Café in Truro, it was mentioned that a family crisis had obliged them to seek a sale of their business.
Solution – Securing finance and expert support from ASC
Peter approached Conrad at ASC, whom he knew from a previous business discussion and for whose wife Punk Thai had catered very successfully at a “big” birthday party.
Conrad recognised that a share purchase was the appropriate way for his clients to proceed and, despite some lenders in the market proving incapable of recognising this fact as no physical security was available, he was able to identify a high street source that was willing to assist.
With the assistance of a specialist commercial solicitor recommended by Conrad, the deal was concluded but not without some of the all too familiar difficulties being encountered currently.
“Without the professionalism and commitment of Conrad and his team at ASC, this deal would never have happened” admitted Peter who was indeed on the verge of ”chucking it all in!”.
Outcome – A thriving café and plans for future expansion
Lily’s Café has continued to trade successfully in its original format but with the addition of a Saturday Thai lunch and a couple of small additions to the daytime menu. Also, evening takeaways have proved so popular during restricted trading that these will continue indefinitely.
“Quite simply, we couldn’t have managed any of this without Conrad” confirmed Peter gratefully.
by Conrad Robins | Dec 22, 2020
Background – Supporting a family business dream
An award-winning dog breeder in Gartmore, Stirling, approached ASC Scotland Director Alison Hunter to assist him and his wife purchase a Boarding Kennel and Cattery.
The deal was fraught with uncertainty for a number of reasons, but that wasn’t going to stop ASC.
Kennel Finance
Challenges – Overcoming funding and trading history issues
The new owners required the maximum Loan to Value (LTV) amount as the funds available for deposit were limited. An additional complication for the new owners came when the lenders noted that the business had a poor trading history due to it having been run as a lifestyle business by the former owners.
Solution – Building a strong business case for lenders
Alison needed to put together a very strong business case in order to really sell the application to lenders. She worked with the clients to compile detailed business plans and projections in order to support the case, plus she highlighted the fact that the new owners were award winning breeders to win their support.
Outcome – Funding secured and business development underway
Lenders were content with the proposition put to them, and were ultimately happy to lend £422,250 for the purchase and development of the business.
by Conrad Robins | Aug 14, 2020
Background – A shared passion for traditional boatbuilding
The beautiful River Dart in Devon is the setting and the 3 men are Chris (a Yachtmaster and former Royal Marine), John (ex-Para and award winning Shipwright) and Will (a specialist in traditional boat engineering).
All three were plying their trades successfully at the Creekside Boatyard in Dartmouth when the site came on the market for sale. Agreeing to pool their talents and resources, they approached an IFA friend who quickly realised that specialist finance help would be essential and introduced the partners to Conrad Robins at ASC Devon.
Challenges – Navigating uncertainty and limited information
Unperturbed by the relatively unusual nature of the security and the paucity of hard financial information available from the vendor, Conrad was able to prepare a comprehensive proposal for funding.
Solution – Crafting a tailored finance proposal
From his extensive list of professional contacts, Conrad identified a lender he knew would be sympathetic to the application and a valuer who would take a positive and constructive view. The chosen bank were happy to assist and also willing to offer their ongoing support for future expansion when required.
“Conrad was excellent throughout”, confirmed Chris, “providing complete clarity at all times and impressively addressing any issues that arose”. These included a change of Business Manager at the chosen bank and the intervention of Covid 19.
Outcome – Smooth sailing and national recognition
With the purchase completed in April, the three have begun to implement their plans to further improve the site itself and build on the recognition received as premier National shipwrights.
Specialising in traditional wooden boats, the yard’s work on the Heron II won the 2020 Classic Boat Awards restoration of the year and has also undertaken projects for international rock stars and famed broadcasters.
For further information and background, visit Creekside’s website at www.creeksideboatyard.co.uk
