A small transport and courier company in Manchester required an additional stream of revenue and decided to take a new venture into the gym industry to generate extra income.
The Challenge
This courier and transport company initially required loan funding to facilitate this new endeavour and had been in contact with another broker but received declines, this made things slightly more complicated. These declines were due to the investment being a different business venture to their usual business activity, and the client also had no experience in the gym sector.
The Solution
The investment into this gym would mean that the client, who is passionate about health and fitness, would be able to use the new equipment to start sessions directly from his hub. We managed to secure £26,000 of funding through hire purchase rather than a loan, securing cheaper rates than the initial expectation.
Not only were Moorgate Finance able to help to secure funding for such an unusual request for a transport company, but we were also able to gain funding that had affordable terms for the customer, allowing them to spread the cost of the investment. In addition to this, our team managed to achieve terms that were over £100 cheaper a month than their original budget, meaning expectations were exceeded despite the challenges with the original broker’s declines.
This funding has enabled the transport and courier company to get back to being a profitable entity and expand their business with the additional revenue generated from this new venture.
Highlights of the Deal
✅Transport and courier business wanted to purchase gym equipment for a new revenue stream
✅We secured £26,000 of funding despite previous declines
✅Funding was £100 cheaper than the client’s budget
✅The investment allowed the business to get back to being a profitable entity and provided a new revenue stream
Give us a call on 01908 92 62 62 or head to www.moorgatefinance.com/apply-now to start the conversation.