Success Story: Jerk Chicken Franchise7th July 2016
The client’s challenge
Food service is one of the many sectors that Rangewell specialises in. Recently, through our partnership with a catering equipment supplier, the director of a new jerk chicken franchise came to us for needing help with a loan. He had extensive experience in the fast food franchise sector, and now wanted to expand his new business, which provides Caribbean fusion street food.
His goal was simple: to open and fit out three new jerk chicken franchise locations as the first stage of his plan to create a nationwide business. For this he needed a part secured loan to pay for equipment for both shops, and an unsecured loan to cover the building fit out costs – £150,000 in total. But with all the demands of opening new locations – finding the right equipment, hiring staff, setting up marketing campaigns – he didn’t have time to look for the best finance options himself.
Because of the director’s previous credit history, we knew it would be difficult to match him with mainstream high street lenders. Although his credit was good now, he had had bad credit in the past, making it harder for him to find business finance. Unlike more traditional asset brokers, Rangewell’s finance specialists were able to find him a variety of alternative lenders willing to work with him. The best offer came from a smaller specialist lender who was eager to work with this growing business, and was able to provide the loan quickly.
Within a week of being contacted by the jerk chicken franchise, we helped them secure a £150,000 loan and agreed three tranche drawdowns. Rangewell was able to meet the exact needs of the director, and help him achieve his goal of opening three new jerk chicken franchise locations.
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