Business Loan For Fit-Out For New Start Hospitality Business

A long-standing customer of Bluestone reached out to Patrick Iyoyin, Regional Account Manager to see if Bluestone could help with the fit-out of his new hospitality venture, as Bluestone had previously assisted him in fitting out his offices.

The venture was to completely revamp a high-profile pub in the local area. The customer had acquired the premises, and had plans to extend the seating capacity, and turn it into a high-profile venue. They required the finance for a high-spec fit-out using an experienced interior designer.

£90,000 Business Loan for fit-out of pub, including furniture, cooling and catering equipment

The proposal originally came to Asset Advantage as a Finance Lease. However, Vickey Want, Assistant Director of Credit, advised using a Business Loan instead. Both the customer and the broker were happy with this decision.

There were numerous different bits of equipment and suppliers involved. Providing the finance via a Business Loan meant that the customer had control of the process, and could avoid potential delays with the broker and the funder having to coordinate with lots of different suppliers.

Chris Hastings said: “Asset Advantage is a great choice for New Start Businesses. Provided the deal seems good, and has a story we believe in, we will send it to Asset Advantage. Having a New Start customer can be tricky as some funders won’t do it. This deal went through very smoothly, and having a business loan, rather than finance lease as originally requested, allowed the customer to get moving on the fit-out straight away. And our team are looking forward to visiting the new pub when it opens.”

Insight from Assistant Director of Credit, Vickey Want:
“Although this was a new start business in the hospitality sector, the business owner had a good track record in previous businesses. The pub was in a good location, and the business owner owned the freehold. Security was given in the form of two asset backed Personal Guarantees.”