Fit-Out & Equipment Of Luxury New-Start Gym

An experienced business owner was working to create a high-end health club in an affluent area. She had brought an impressive team on board and had good experience of running successful businesses. However, she needed £750,000 for a fit-out and equipment to ensure this high-end health club offered the ultimate wellness experience that clients would expect.

When this customer came to Jack Thompson, Managing Director of Absolute Business Finance she had already explored funding options with three previous brokers, but been unable to raise the finance she needed. The previous approach had been to lend small amounts on each piece of equipment. Not only would this be time consuming to coordinate, it still didn’t reach any where near the total amount required.

When Jack looked at the requirements, he knew there was only one funder who would consider this complex deal. Jack said “It was helpful to have access to Asset Advantage”.

Jack put together a solid proposal highlighting the funding requirement, the business plan, the directors’ experience and the security available. Philip Knight met with the customer via teams, and was satisfied with the proposal.

£750,000 Business Loan for fit-out & equipment, on a 5-year term.

There were so many moving parts to this deal, a fit-out, gym equipment, and car park management, that a Business Loan made more sense than Finance Lease. Many of the suppliers stipulated payment up front. But when Finance Lease only pays out on delivery, having the ability to use a Business Loan gives the customer a lot more flexibility and control over the process.

Jack Thompson said: “This deal was really complex and it was helpful to have access to Asset Advantage, as they are the only funder I know who could do this deal. I was really impressed by Philip Knight. The customer can now get the orders placed, and get moving on opening their new business. Without Asset Advantage doing these kinds of deals, businesses like this wouldn’t open.”

Philip Knight, Credit and Risk Director at Asset Advantage said: "A wealthy investor with good commercial credentials, supporting the borrowing with a strong personal guarantee, with a compelling and well thought out business plan that included employing experienced management in areas that they lacked experience."