Fit-out & Refurbishment Finance for the Catering Industry

Fit-out & Refurbishment Finance for the Catering Industry

April 18, 2017

Regardless of whether you run a trendy restaurant in the heart of London, a sophisticated Italian bistro or a succulent carvery steak house, making your business as attractive as possible to your customers is crucial. At the same time as serving tantalising dishes, you’re striving to deliver an impeccable service set inside surroundings that will entice customers back with their friends and family. After all, restaurant dining is just as much about the experience as the food and drinks you offer.

Catering is often a tough and demanding industry and restaurant-goers can be unforgiving in their verdicts. There is no middle ground: you either deliver a high-quality service or you fail miserably. Whether your business is just starting up, small but growing or even a franchise, living up to such high expectations can be strenuous and exhausting. Every catering business – whether it’s a pizzeria, cafe, bakery or cocktail bar – requires different approaches and treatments. Getting it right is the difference between success and failure.

Premises fit-out and refurbishment finance is exactly what you need to undertake and complete eye-catching interior and exterior refurbishments and decor. Overtake your competition and attract customers inside for an impressive dining experience they won’t soon forget. But refurbishments can be pricey and some aspects are more expensive than others. However, rather than take chunks out of your capital, why not fund essential business projects and splash out in key areas using alternative finance?

Secured and Unsecured Loans

Unsecured loans let you borrow money for your business without putting assets such as your house at risk. They’re also a great way of giving your business a quick and easy cash injection. By choosing this option your business could gain access to anything from £5,000 to £250,000 but to reassure a potential lender and borrow the exact sums you need, you could consider a Personal Guarantee.

On the other hand, a secured loan may allow you to borrow more money since it boosts lender confidence. The reason for this is that assets can be sold to recover costs should a business fail to pay back the loan. Subsequently, you can borrow a lump sum starting from £5,000 to as much as £1,000.000.

Equipment Lease

Leases are an easy way of borrowing kitchen equipment and vehicles for your business. Due to the asset being tax exempt, it’s a popular method of acquisition among businesses both large and small. For a term usually lasting between 1 – 3 years you can make manageable monthly payments that will be subject to tax due to services rendered.

In addition, another noteworthy benefit is that they tend not to eat into your capital, just your revenue.

Hire Purchase

Hire purchase is a way of becoming an asset’s eventual owner. This solution works by a potential lender purchasing the asset on your behalf. To acquire the asset and start making full use of its services, you must first pay an initial deposit. This is usually a sum in the region of 10% of the asset’s total value. Once this has been paid you can then begin reaping the full benefits of the asset whilst paying fixed monthly repayments, plus interest. When the repayment scheme has ended, ownership of the asset is transferred to you.     

Our values are simple – We’re on your side

At Rangewell our services are clear and transparent. We support a wide range of SME businesses of every shape and size, for finding every type of finance. Follow us on Twitter and LinkedIn for business tips and tricks, and feel free to call us on 0203 637 2340 if you’d like to chat about what we can do for you.


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David Harrison

David Harrison

Content writer