A&A NEWS STORES LIMITED

Other

Funds Raised

£35,000.00

Final AER

18.47%

Loan term

60 MONTHS

Auction Closed

2015-10-20

Recovery News
This loan may be behind with its repayment schedule and so microloan trading has been suspended while we work to help the business recover its repayment form. Please see the Loan Updates tab for recent updates.

About the Business

Company Name: A&A NEWS STORES LIMITED Company Number: 07836580
Business Type: Other Years Trading: more than 10 years
Business Location: 9-13 HOLBROOK LANE

About the Risk

Risk rating

C

Default rate

13.30%

Bad debt rate

5.47%

About the Security

Security Offered:

Personal Guarantee - PG from Ashish Nalin Patel

Est. Equity: 0.00

Risk Indicators Identified:

Important Files

Who are we?

This is long established family run business, the activity of the business is convenient store with variety of products and services to pay bills

The A & A News Stores limited is situated in Bearwood, within the Birmingham area which is in the heart of the local shopping areas. The business was established in 1983 as a convenience store and has achieved perpetual growth since its establishment. The area is a very populated and cosmopolitan community that provides additional growth to the business and new residential developments taking place around that area, which will provide further scope for growth. The business is operated and managed by the family to ensure that the business is profitable in line with the changing times, The business benefits from the local community and passing by trade. The store is open from 6-30am till 11pm, seven days a week .

Business Facilities

Alongside the convenience store, A&A News Stores Limited operates :

• West Midlands travel and National Express tickets sales

• Simple Payment Services.

• Mail collection facility for parcels and post deliveries,

• Lottery terminal

• Mobile phone top up service

The business will soon also be looking to add a Cheque exchange service, as well as a Money Gram Facility that is used to send and receive money from any part of the world.

Read more

Loan Offers

What is the loan for?

The current store floor meets the convenience store requirements, but further expansion of the area is needed to allow for further growth.

The loan will be used to carry out internal expansion to the premises, refurbishment and the installation of new fixtures and fittings to accommodate new product lines to meet the demands and standards expected within the local community. Remaining funds will be used as working capital to grow the business to next stage.

Once the facilities have been upgraded the business will attract additional revenue from Cheque Exchange Service and Money Gram Service with extra chiller and Beverage facilities.

Why consider investing?

- This is a well established business, with over thirty years business experience. The directors understand the business has to change and grow by capitalizing on new opportunities.

- Once business is upgraded and new product lines have been added, the directors are committed to achieving perpetual growth in revenue and profitability over the coming years.

- There is strong support within the family to grow the business year by year by maintaining good level of customer service.

Security

The loan is to be secured by personal guarantees from majority shareholder director. The Director has an estimate combined net worth of £469k. This is through ownership of 2 properties with an estimate value combined value of £950k and estimate equity of £475k.

Disclosure

Bank interest for the year ending 2013 was £1,412

Bank interest for the year ending 2014 was £1,509

Bank interest in the MA is £506

The applicant's financial statements for the years 2013 and 2014 failed to disclose the important figure of interest payable as required by the Companies Act. The figures on our platform have remedied this deficiency and this accounts for the small difference between the 2 sets of accounts. The net profit for the year remains the same, it is only a disclosure issue.

DateAmountCapitalInterestReceived
20/11/2015£897.74£359.03£538.71
20/12/2015£897.74£364.56£533.18
20/01/2016£897.74£370.17£527.57
20/02/2016£897.74£375.87£521.87
20/03/2016£897.74£381.65£516.09
20/04/2016£897.74£387.53£510.21
20/05/2016£897.74£393.49£504.25 (7 days late)
20/06/2016£897.74£399.55£498.19
20/07/2016£492.04£0.00£492.04Interest only
20/08/2016£492.04£0.00£492.04Interest only
20/09/2016£492.04£0.00£492.04Interest only
20/10/2016£492.04£0.00£492.04Interest only
20/11/2016£492.04£0.00£492.04Interest only
20/12/2016£492.04£0.00£492.04Interest only
20/01/2017£492.04£0.00£492.04Interest only
20/02/2017£492.04£0.00£492.04Interest only
20/03/2017£492.04£0.00£492.04Interest only
20/04/2017£492.04£0.00£492.04Interest only
20/05/2017£492.04£0.00£492.04Interest only
20/06/2017£492.04£0.00£492.04Interest only
20/07/2017£492.04£0.00£492.04Interest only
20/08/2017£492.04£0.00£492.04Interest only
20/09/2017£492.04£0.00£492.04Interest only
20/10/2017£492.04£0.00£492.04Interest only
20/11/2017£492.04£0.00£492.04Interest only
20/12/2017£492.04£0.00£492.04Interest only
20/01/2018£492.04£0.00£492.04Interest only
20/02/2018£492.04£0.00£492.04Interest only
20/03/2018£897.74£405.70£492.04517 days overdue
20/04/2018£897.74£411.94£485.80486 days overdue
20/05/2018£897.74£418.28£479.46456 days overdue
20/06/2018£897.74£424.72£473.02425 days overdue
20/07/2018£897.74£431.26£466.48395 days overdue
20/08/2018£897.74£437.90£459.84364 days overdue
20/09/2018£897.74£444.64£453.10333 days overdue
20/10/2018£897.74£451.48£446.26303 days overdue
20/11/2018£897.74£458.43£439.31272 days overdue
20/12/2018£897.74£465.49£432.25242 days overdue
20/01/2019£897.74£472.65£425.09211 days overdue
20/02/2019£897.74£479.93£417.81180 days overdue
20/03/2019£897.74£487.31£410.43152 days overdue
20/04/2019£897.74£494.81£402.93121 days overdue
20/05/2019£897.74£502.43£395.3191 days overdue
20/06/2019£897.74£510.16£387.5860 days overdue
20/07/2019£897.74£518.02£379.7230 days overdue
20/08/2019£897.74£525.99£371.75Not Due
20/09/2019£897.74£534.08£363.66Not Due
20/10/2019£897.74£542.30£355.44Not Due
20/11/2019£897.74£550.65£347.09Not Due
20/12/2019£897.74£559.13£338.61Not Due
20/01/2020£897.74£567.73£330.01Not Due
20/02/2020£897.74£576.47£321.27Not Due
20/03/2020£897.74£585.34£312.40Not Due
20/04/2020£897.74£594.35£303.39Not Due
20/05/2020£897.74£603.50£294.24Not Due
20/06/2020£897.74£612.79£284.95Not Due
20/07/2020£897.74£622.22£275.52Not Due
20/08/2020£897.74£631.80£265.94Not Due
20/09/2020£897.74£641.52£256.22Not Due
20/10/2020£897.74£651.40£246.34Not Due
20/11/2020£897.74£661.42£236.32Not Due
20/12/2020£897.74£671.60£226.14Not Due
20/01/2021£897.74£681.94£215.80Not Due
20/02/2021£897.74£692.44£205.30Not Due
20/03/2021£897.74£703.10£194.64Not Due
20/04/2021£897.74£713.92£183.82Not Due
20/05/2021£897.74£724.91£172.83Not Due
20/06/2021£897.74£736.06£161.68Not Due
20/07/2021£897.74£747.39£150.35Not Due
20/08/2021£897.74£758.90£138.84Not Due
20/09/2021£897.74£770.58£127.16Not Due
20/10/2021£897.74£782.44£115.30Not Due
20/11/2021£897.74£794.48£103.26Not Due
20/12/2021£897.74£806.71£91.03Not Due
20/01/2022£897.74£819.13£78.61Not Due
20/02/2022£897.74£831.73£66.01Not Due
20/03/2022£897.74£844.53£53.21Not Due
20/04/2022£897.74£857.53£40.21Not Due
20/05/2022£897.74£870.73£27.01Not Due
20/06/2022£897.74£884.13£13.61Not Due
Total:£34,999.99£28,705.21