Bathgate Business Finance has supported the expansion of a local pub group through a £190k own-book deal.
The asset finance deal for Stange & Co allowed an extensive kitchen fit-out of the group’s latest venue, the Ring O Bells in West Kirby, Wirral.
The pub is the group’s ninth venue and aims to be a “proper pub that everyone wishes they had on their doorstep”.
The group originally bought the venue in January 2020. Work with architects and planning teams continued during lockdown, before refurbishment work and addition of a garden room extension was able to take place.
As a large venue, employing around 50 members of staff from the local area, the kitchen fit-out was a sizable task, requiring significant investment and a more flexible and timely finance solution that traditional lenders were able to provide.
Dan McLennan, managing director at Stange & Co, said: “To fit out a kitchen in a large venue like the Ring O Bells we needed funding that was quicker turnaround, and more flexible. We didn’t want to sit on lots of money.
“We have worked with Gordon and Esther from Bathgate since 2016 now, and they have a deep understanding of our pubs and our business, so we didn’t hesitate to turn to them to help us find a solution for the Ring O Bells. As well as the personal relationship, we also know that Bathgate can find those more flexible solutions, which was exactly what we were looking for.”
The deal took just less than two weeks to secure and pay out, and the Ring O Bells was able to open with its fully fitted-out kitchen, within six weeks of the deal.
Esther Rigby, BDM from Bathgate Business Finance, added: “Having worked with Dan and the team at Stange & Co for more than eight years now, we really do have an understanding and passion for their business, so it was a pleasure to be able to help them secure finance for their latest venture.
“The fact that the Ring O Bells is just around the corner from our own offices, and already having a great positive impact on our local community, is an added bonus. It is fantastic to see the pub thriving and a great honour to be able to visit and raise a glass to Dan and all his team. We’re looking forward to continuing to watch the group expand further, and offer our support wherever we can.”
McLennan said: “We are always looking out for new pubs, in the right communities where we know we can make them a success. When we do find the next one, I am sure I’ll be back to Bathgate to help us again.”
