BFS works with a number of 'Associates', all of whom are experienced in the field of commercial finance and/or related subjects. Recently one of our Associates, Alan Price, picked up an enquiry for two people seeking to purchase a well-established Bakery business.
The Bakery business, which was started in 1995, was being offered as a retirement sale by the then owners. Their head Baker expressed an interest in buying the business together with a long-time friend and former colleague of his who was also a baker. As neither of them had experience in acquiring, let alone running a business, they approached Alan for help and guidance. This he provided by way of assistance in negotiating the purchase and formulating a plan for the business post purchase.
As one would expect they intend to build on the reputation for quality products and great service, established under the previous ownership, to continue supplying the business’ existing clientele, but also to establish new markets and customers. In the words of our clients “We really see the value of having quality bakery products available locally, and in also providing a welcoming drop-in point for excellent food and drink in our coffee shop. It’s so convenient to pop into town for a loaf of bread and cakes, rather than driving all the way to an out-of-town supermarket; and it’s great to be able to stop off for a freshly baked snack and a cup of freshly-brewed coffee at lunchtime, or when doing the shopping.”
Once the terms of the purchase were agreed Business Finance Services Ltd. stepped in to arrange the finance for the deal. The problem was, however, that there was a total lack of significant security. Due to this, and the fact that neither of our clients had previously managed any business, none of the main Banks would consider financing the project. This meant that we, at BFS, had to consider alternative sources of the Finance. We looked at a range of options including Crowd Funding and pension-based funding but none of these was feasible. After a considerable amount of research, we were able to match our clients with a specialist Lender, one who was prepared to provide a loan in such circumstances and who provided the lion’s share of the finance in this case.
The funds have now been drawn down and our clients are busy running their own Bakery; and very successfully too from what we hear! So if you need help in buying a business or advice on how to run it, you can do no better than to give us a call on 01327 349 779 or e-mail firstname.lastname@example.org .
Your Business is our Concern!