Hospitality Today Summer 2018 (#39) - Page 13

hospitalitytoday.com | 13 Tangible assets such as kitchen equipment and a new EPOS system were financed through a standard Hire Purchase plan, while other costs such as painting and decorating that would not qualify for asset finance, were covered by a competitive Business Loan. Hunt comments: “We’ve known Karen and the team at the Snooty Fox for years, and could see that this new business venture was an excellent opportunity. It appears that certain sectors fall in and out of favour with the banks, which can be very frustrating and baffling for small businesses with good prospects. plan, and could demonstrate that the Inn was in a popular, central location and likely to be successful. But despite this, their lending criteria was so strict and inflexible, that we didn’t quite fit their profile. Although we’ve been with the same bank for many years, it felt as if they didn’t know me or my business at all. The business managers change so frequently; we’ve had at least five since we started out.” As a result, Karen turned to Ignition for advice, and got in touch with Director Steve Hunt, who has been her contact for over a decade. Steve was able to put together a bespoke finance plan for the business which combined asset finance with a business loan. “By looking carefully at Karen’s needs and offering her a package with a combination of financial services, we’ve helped her achieve her goal, and are proud to be supporting a sound local business.” Karen Ridley adds: “Steve at Ignition is now my first point of call for financial support. The team there are truly championing independent businesses and will judge each one individually on its merits, rather than resorting to a tick-box exercise.” Karen took over the Harbour Moon Inn at the beginning of the year and is already “ahead of budget and doing a roaring trade”. www.ignitioncredit.co.uk