Seventeen Gallery

Other

Funds Requested

£25,000.00

Offered so far

£0.00

Loan term

60 MONTHS

Auction Closed

2014-05-01

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About the Business

Company Name: Seventeen Gallery Company Number: OC389280
Business Type: Other Years Trading: 6-10 years
Business Location: ESSEX

About the Risk

Risk rating

A

Default rate

7.00%

Bad debt rate

9.69%

About the Security

Security Offered:

All Assets Debenture - Fixed and floating charge created over all assets of applicant company

Est. Equity: 0.00

Personal Guarantee - Done (PG from director and majority shareholder)

Est. Equity: 0.00

Risk Indicators Identified:

Important Files

Who are we?

Seventeen is a contemporary art gallery based in Shoreditch, East London. Founded in 2005 by entrepreneur Nicholas Letchford and art dealer David Hoyland, the gallery has an international reputation for showing cutting edge artists from around the world.

The gallery works with major art collections around the world, selling to private collectors, museums and institutions in USA, France, Germany, The Netherlands, Italy and the UK. Prominent collections include the Zabludowicz Collection, David Roberts Foundation, UK Government Art Collection, The Arts Council Collection, the French national Collection (FNAC).

Our artists also exhibit at significant institutions globally, including the major US and European museums including V&A Museum, ICA London, FACT Liverpool, Modern Art Oxford, Palais de Tokyo, Paris, Fridericianum, Kassel New Orleans Museum of Art, Museum of Contemporary Art, San Diego, Blanton Museum of Art, MASS MoCA, The Walker.

The gallery has exhibited at the premier international art fairs, including Frieze in London, Frieze New York, The Armory, NY, NADA Fair Miami, Artissima, Turin. These exclusive fairs are an indicator of the esteem in which the gallery is held.

Our represented artists also receive press and critical attention in the leading art publications and mainstream press. Recent articles have included New York Times, Guardian, Independent, Huffington Post, and specialist publications such as Frieze magazine, Art Review, Art Forum, Art Monthly.

This combination of sales, press, museum shows, and peer review illustrates that the gallery is performing strongly on an international stage. The artists we exhibit have strong futures and we are able to attract the best young artistic talent who are excited to show with a gallery in our position.

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Loan Offers

What is the loan for?

The proposed loan is to facilitate relocation to a larger gallery space, in Dalston, East London. The funds are required to cover part of the cost of deposit, fees and refurbishment. The new exhibition space will provides 5 times the current amount of viewing space, allowing for larger exhibitions, over two exhibition rooms and office space and private viewing room.

Why consider investing?

The move to a larger, two-room space will allow us to exhibit more artwork at one time, holding two simultaneous exhibitions. Our most in demand artists have waiting lists for their works, and regularly sell out their entire show, therefore an increase in exhibition space will allow us to show more work, to show larger work and to hold more stock, leading to an increase in revenue. The more imposing and ambitious exhibition space will also help us to attract the most sought-after artists to exhibit with us, and will cement our position as a leading contemporary gallery.The gallery has made good sales through the economic downturn and is growing in stature. We are confident of a bright future for the artists and the gallery - over the past three years in particular we have developed a place on the world art scene.

Security

This loan is to be secured by way of an All Assets Debenture and a Directors Guarantee

The Director has a net worth of approx. £634k through equity in 4 properties with an estimate combined value of £ 749k and approx. £479k Equity. No Charge will be placed on any of the properties.

DateAmountCapitalInterestReceived
04/06/2014£576.66£293.12£283.54
04/07/2014£576.66£296.45£280.21
04/08/2014£576.66£299.81£276.85
04/09/2014£576.66£303.21£273.45
04/10/2014£576.66£306.65£270.01
04/11/2014£576.66£310.13£266.53
04/12/2014£576.66£313.64£263.02
04/01/2015£576.66£317.20£259.46
04/02/2015£576.66£320.80£255.86
04/03/2015£576.66£324.44£252.22
04/04/2015£576.66£328.12£248.54
04/05/2015£576.66£331.84£244.82
04/06/2015£576.66£335.60£241.06
04/07/2015£576.66£339.41£237.25
04/08/2015£576.66£343.26£233.40
04/09/2015£576.66£347.15£229.51
04/10/2015£576.66£351.09£225.57
04/11/2015£576.66£355.07£221.59
04/12/2015£576.66£359.10£217.56
04/01/2016£576.66£363.17£213.49
04/02/2016£576.66£367.29£209.37
04/03/2016£576.66£371.45£205.21
04/04/2016£576.66£375.67£200.99
04/05/2016£576.66£379.93£196.73
04/06/2016£576.66£384.24£192.42
04/07/2016£576.66£388.59£188.07
04/08/2016£576.66£393.00£183.66
04/09/2016£576.66£397.46£179.20
04/10/2016£576.66£401.97£174.69
04/11/2016£576.66£406.53£170.13
04/12/2016£576.66£411.14£165.52
04/01/2017£576.66£415.80£160.86 (13 days late)
04/02/2017£576.66£420.52£156.14
04/03/2017£576.66£425.28£151.38 (18 days late)
04/04/2017£576.66£430.11£146.55
04/05/2017£576.66£434.99£141.67
04/06/2017£576.66£439.92£136.74 (10 days late)
04/07/2017£576.66£444.91£131.75
04/08/2017£576.66£449.95£126.71
04/09/2017£576.66£455.06£121.60
04/10/2017£576.66£460.22£116.44
04/11/2017£576.66£465.44£111.22
04/12/2017£576.66£470.72£105.94
04/01/2018£576.66£476.06£100.60
04/02/2018£576.66£481.46£95.20
04/03/2018£576.66£486.92£89.74
04/04/2018£576.66£492.44£84.22 (7 days late)
04/05/2018£576.66£498.02£78.64
04/06/2018£576.66£503.67£72.99
04/07/2018£576.66£509.38£67.28
04/08/2018£576.66£515.16£61.50
04/09/2018£576.66£521.00£55.66
04/10/2018£576.66£526.91£49.75
04/11/2018£576.66£532.89£43.77
04/12/2018£576.66£538.93£37.73
04/01/2019£576.66£545.05£31.61
04/02/2019£576.66£551.23£25.43
04/03/2019£576.66£557.48£19.18
04/04/2019£576.66£563.80£12.86
04/05/2019£576.66£570.20£6.46
Total:£25,000.05£9,599.55