We are always ready to help businesses with new ventures, and that is exactly what happened with this new-start franchise restaurant business in Norwich, who were looking to set up a Ben and Jerry’s Scoop Shop.
The Challenge
This Ben and Jerry’s franchise has just one other store in the UK, which has only been operating for three months. This combined with the fact that this is a newly launched business meant that being able to secure funding presented a unique challenge. Lenders were hesitant due to the franchise being new and unproven and had limited evidence to demonstrate its potential for success.
The Solution
To help them get started and fit out the entire shop, Moorgate Finance managed to finance £75,000 of assets and equipment, alongside carpentry and building costs. This was on a hire purchase agreement over a five-year term. The government-backed recovery loan scheme (RLS) was used, allowing us to improve the terms on offer for the borrower and get very competitive rates. After this store opening they now have plans to open fifteen more stores with the next five years.
The Highlights
✅ £75,000 funded as a hire purchase agreement for a full store fit out
✅ Funded the second store to open in the UK
✅ Overcame challenges of it being a new start business and a new franchise
✅ Had the opportunity to visit the shop for its opening
Give us a call on 01908 92 62 62 or head to www.moorgatefinance.com/apply-now to start the conversation.