Cookies are temporary files we place on your device to improve your user experience, for example to sign up and log in to your account. Find out more about cookies, and how to control them, in our privacy policy. By continuing to use our site, you agree to this policy Close image

You are here: Home » Case Studies » Bannachra Developments

Bannachra Developments

Started from scratch in 2010, Bannachra Developments owns and operates the Seasons Coffee House, a charming café on the seafront overlooking the Firth of Clyde. During that time the business has developed a stream of repeat business, a strong reputation and a net turnover of £200,000.

Loan details:
Location:

Dunoon

Business nature:

Leisure & Hospitality

Loan purpose:

Expansion of business

Loan amount:

£93,600

The challenge

Like many café and bar owners, Bannachra Developments director Wilson Blair was keen to expand beyond his established consumer base. He had identified a nearby business with a retiring owner and wanted to take it over as a way of increasing his ability to bring in more customers.

The solution

Wilson needed a flexible and simple finance solution that could quickly be raised to meet his ambitions. He explained: ‘For instance, we considered the option of taking out a commercial mortgage on the property and then an unsecured loan on top of that. However, it was difficult finding someone to take the mortgage on the property.’

That is when he came LendingCrowd, which offered him a more bespoke financing method. Once registered with our platform and after working with our in-house Credit Team, Bannachra Developments raised its target sum of £93,600 with a five-year term and could push through with its plans.

The outcome

Wilson has been able to acquire the other business and begin his expansion plans.

‘Right now, we are doing well. We only just got the keys to the property but we are already starting to refit it,’ he said. ‘We are also applying for permits to extend the property. At the moment, the property faces out onto the waterfront so we are hoping to build a conservatory onto that. We are hoping to be finished with the refurb by the beginning of next year [Wilson spoke to LendingCrowd in December 2016] so then the business can grow throughout 2017.’

‘Through LendingCrowd we were effectively able to gain a loan for the company to purchase and renovate the property we had in mind. I found LendingCrowd to be very helpful and they ensured the process was straightforward and comfortable.’

Wilson Blair, Director, Bannachra Developments

You might also like:

Coffee Merchants UK

Read Case Study

LendingCrowd is the trading name of Edinburgh Alternative Finance Limited, Company Number SC468392, authorised and regulated by the Financial Conduct Authority (Firm reference number 670991). LendingCrowd and its products are not covered by the Financial Services Compensation Scheme.

The company's registered office is 23 Manor Place, Edinburgh, EH3 7DX.

Copyright © LendingCrowd 2023. All rights reserved.