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Gamacatering Limited

coffee 300We were contacted by a family run business regarding one of the three café/restaurants they owned. The small café on the high street in Lerwick Shetland was the first to be taken on several years ago and was becoming staid and in need of a revamp in terms of both premises and menus.

The plan was to close the café for a month, refurbish the eating area and kitchen, take on a new chef and update the frontage of the building.

Cash was an issue, the work needed to be completed with the cafe being kept as an independent concern and not draining the resources of the other two restaurants.

The banks were not forthcoming with a loan and the work did not qualify in Asset Finance terms so the Director was unsure where to turn to next.

This is where Excel A Rate came in through its Business Cash Advance product. This product is aimed at the retail sector where all or a large portion of the takings are via a credit or debit card. The advance is unsecured and has no restrictions for usage so proved an ideal solution.

The second issue was that the funds were needed in advance of the work being done and of course the café was to be closed during the refurbishment period. Not a problem for Excel A Rate who just delayed the start of the repayments until the café had been open for a couple of weeks or so. This therefore allowed them to open and trade without the pressure of repayments and allow them to build up some cash balances.

A perfect solution to a tricky problem resulting in a happy client who will come back to us when the other café’s, one in Bridge of Allen and one in Dunblane, need similar work.

Key issues

  • Revamp of cafe in Lerwick
  • Not applicable for asset finance criteria
  • Funding based on cash advance on credit cards takings
  • Scheduled repayments started after work completed and cafe open for business again
Excel-A-Rate Business Services Limited is authorised and regulated by the Financial Conduct Authority FRN 713832.
Excel A Rate Business Cash Limited is authorised and regulated by the Financial Conduct Authority FRN 671187.

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