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When a budding entrepreneur decided to make his restaurateur dreams a reality by opening his first restaurant as part of a franchise, Millbrook Business Finance was able to step in and provide the finance he needed.
Our team of finance experts were able to identify the best finance for restaurants for his needs, make contact with a best-fit lender, and secure the funding – with favourable terms – quickly. Below, we outline just how we were able to do this and the impact achieved as a result.
Client background
Mohammed is a young entrepreneur with ambitions of becoming a restaurateur. He was looking to open his first restaurant as part of a franchise when he first reached out to Millbrook Business Finance. To make his dreams a reality, he needed restaurant finance for a full restaurant fit-out. This included both tangible assets, such as catering equipment, furniture and signage, and intangible soft assets like lighting and flooring.
The challenge
Initially, Mohammed found it difficult to obtain the funding he needed due to his business venture being a completely pre-trade business in the hospitality sector. Not to mention being on the back of Covid-19, so many lenders still had tight lending criteria.
After being turned down elsewhere, Mohammed reached out to Millbrook for support as he'd heard we had extensive experience in financing franchises and providing finance for restaurants.
The solution: Franchise and asset finance for restaurants
Within the hour of placing his inquiry, Millbrook expert, Casey Botterill, called Mohammed to discuss his options. Due to the nature of some of the assets, Casey knew they’d be trickier to fund, but with his expert knowledge of the market, he knew a best-fit lender.
New start businesses often find it extremely difficult to secure business loans but can get asset finance approved to start up their ventures. This is why working with a franchise finance specialist, like Millbrook, can produce dividends, as we can skillfully help you to manoeuvre complex criteria and prepare your application for lenders so it’s right the first time.
The results
As a result of Casey’s market know-how and finance expertise, as well as Millbrook’s extensive pool of lenders, an unsecured asset finance deal was secured to help Mohammed start his dream business.
Casey was able to secure £220k unsecured asset finance for the fit-out of the new restaurant over a combination of 3 and 5-year terms.
Casey also knew that start-up franchises often prefer staged payments to cover the different stages of builds too, so he was able to arrange this for Mohammed as well. Not only that, but he was also able to arrange the finance to include the franchise fee in the lending agreement.
The impact
The impact of Casey’s hands-on support and the bespoke asset finance solution secured was that Mohammed’s restaurant could be ready to open on time and is successfully serving its happy customers to this day.
Here’s what Mohammed had to say about his experience with Casey and Millbrook:
“Casey has gone above and beyond on all fronts, and now my dream business has become a reality! He was always available to discuss anything and has done his utmost to help achieve the goals set out to help launch my business.”
Mohammed, Restaurant Owner
Here’s what Casey had to say about the challenges of the franchise finance space and how he was able to help Mohammed:
“It’s been a pleasure helping Mohammed to establish his first restaurant. Franchise finance can be a complex landscape to traverse, so I’m always pleased to use my wealth of experience to help businesses get off the ground.”
Casey, Business Finance Specialist
Summary
At Millbrook, we’re in the business of helping entrepreneurs like Mohammed to make their dreams a reality. Our knowledgeable team works with you to understand your needs and draws on their expertise and industry insights to provide finance solutions that are best suited to meet your business goals.
Securing asset and franchise finance for Mohammed is just one of the many proud instances of our business finance success stories, and we look forward to seeing Mohammed, and the other business owners that we’ve helped, realise their full business potential over time.
Explore our full range of business finance solutions, or find out more about our asset finance capabilities now. Alternatively, get in contact with us to learn more about how we can help you unlock your business success.
