Commercial finance brokers ABL Business have been raising a glass with licensee Janice Atkinson after helping her to realise her dream of owning her own pub.
Janice had run the popular gastro pub, just outside Manchester, for several years when the opportunity arose to buy the premises.
ABL’s joint Managing Director Alex Beardsley, Commercial Finance Executive Luke Rodgers and their team worked with Janice to secure a cash injection which she has used for the purchase and refurbishment of the pub.
Janice was first introduced to ABL towards the end of 2017 when she was looking for some expert advice on how to get the finance to cover the full cost of buying the pub.
After gathering all the necessary information from Janice and gaining an understanding of her and her business, it was decided that her best option would be a 100% purchase price mortgage from Barclays. That meant that the full purchase price was covered without Janice needing to find a deposit.
Like many commercial properties, the pub purchase was liable for VAT on top of the asking price, so there was also a specialist VAT Bridge loan put in place to cover this expense. Many commercial property sales are exempt from VAT but people have to pay it upfront then claim it back. The VAT Bridge loan covers this expense until the client is in a position to reclaim the payment and clear the outstanding debt.
Once she’d bought the pub, Janice came back to ABL Business at the beginning of this year, seeking help to source an additional loan to cover the cost of a refurbishment.
Alex Beardsley said: “As we’d already built up a relationship with Janice it was easier for us to understand her needs and work out what the best course of action would be. At this stage it was decided that an unsecured business loan from alternative funder RateSetter would work best for her and the pub.
“An unsecured business loan is easier for small businesses to obtain, as they don’t have to come up with collateral – so Janice did not have to secure the repayments against her property.”
The newly refurbished pub is now up and running, serving great food in a beautifully-refurbished restaurant area upstairs and putting on popular evening events for customers.
In this case, the ABL team were particularly delighted to join their satisfied customer for a celebration drink. Alex added: “We’re delighted to see the project come to fruition and wish Janice and her lovely pub every success for the future.”
Janice says: “It’s been a pleasure to work with ABL Business Ltd to get the funding I needed to be able to purchase the pub and to do the refurbishment. If any businesses are looking for finance, be sure to speak to ABL”.
- Should you have any funding requirements; whether for development or business growth, the team at ABL Business will work with you to structure a finance package that suits the needs of your business.