Convenience store business doubles in size with £280k funding
A London-based convenience store boss has doubled the size of his business over the past two years with the help of £280,000 funding from Ashley Business Finance.
The businessman first came to Ashley after acquiring the franchise on two stores in central London in November 2011. He received a £12,500 cash advance to help purchase stock and finance cashflow.
Since then he has received a further seven tranches of funding and has acquired two more franchises in neighboring areas. The most recent funding was to refit one of the new stores and buy stock.
In line with the changing needs of the business, the retailer has also switched his funding from cash advance to a business loan repaid via weekly fixed direct debits.
“This example demonstrates the flexibility of our funding arrangements, ” said Jonathan Cranston, chairman of Ashley Business Finance. “A cash advance provides funding in line with card sales and is ideal for businesses with a seasonal or unpredictable turnover.
“As an established retail chain with more regular cashflow, its needs are now better served by a business loan, which can also provide quick injections of working capital to allow the owner to further expand his empire.”