Cornertrack ltd

Hospitality

Funds Requested

£130,000.00

Offered so far

£0.00

Loan term

60 MONTHS

Auction Closed

2014-11-28

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This loan is now passed its deadline, lender funds will soon be released.

About the Business

Company Name: Cornertrack ltd Company Number: 07320404
Business Type: Hospitality Years Trading: 4-5 years
Business Location: 1-2 SOUTH PARADE

About the Risk

Risk rating

B

Default rate

7.10%

Bad debt rate

5.84%

About the Security

Security Offered:

Cross Corporate Guarantee - CCG from Burningnight Limited

Est. Equity: 0.00

1st Charge on Commercial Property - First priority legal charge over commercial property

Est. Equity: 0.00

Personal Guarantee - PG from director and majority shareholder

Est. Equity: 0.00

Risk Indicators Identified:

Important Files

Who are we?

Our company is part of a group of companies The Burningnight Group involved the licensed trade, with Cornertrack ltd supplying all the beer and holding leases for equipment to run our operations. Cornertrack Ltd also owns several freehold pubs. In our group we have mixture of high volume leasehold branded The Bier Keller bars in Leeds, Manchester and Liverpool, and a number (28) of freehold and leased pubs across the north of England

Read more

Loan Offers

What is the loan for?

The loan is to clear a higher interest bridging loan taken out to purchase this pub recently. We have found that short term bridging loans for this type of purchase has been essential in order to get funds in time to secure certain pub purchases as we tend to go for good deals that have several interested parties chasing them. In an ideal world a war chest of funds to buy pubs would be at our disposal.A valuation of this pub for Reward Capital (bridging loan) attached

Why consider investing?

The investment will be asset backed, and the lease in place will produce a rental income of £25,000 per annum.The company that leases this pub is one of our operating companies, and we have secured the existing manager who has made this pub famous with real ale societies for the last 15 years. CAMRA has listed this pub as pub of the year in Yorkshire and Bradford for several years and some planned refurbishment will further enhance its popularity addition to this, the directors have experience in running pubs for over 25 years and have extensive operational know how and experience.

We have also leased the adjoining land in order to develop a beer garden to further enhance the trade and kerb appeal of this iconic Bradford real ale houser. This pubs adds to our existing estate of 28 public houses, and with our large bars our discount for beer purchases from the breweries is one of the best in the business. This further enforces our profitability and ability to trade successfully in this sector, without issues suffered by tied Enterprise and Punch pubs, which count for 99% of all the problems you hear about daily in this industry

Notes on the Accounts

The July 2014 accounts are not yet final or filed accounts

Security

The Loan is to be secured on two Directors guarantees a first fixed charge on a property and a corporate guarantee from Burningnight Limited (07320095).

The directors have an est. combined net worth of £975k

The 1st Charge will be secured on a freehold commercial property held by Cornertrack Ltd, the property has an est. value of £195k with approx. £65k equity. Valuation completed on 18 June 2014 by Michael Steel & Co.

DateAmountCapitalInterestReceived
28/12/2014£3,212.69£1,399.19£1,813.50
28/01/2015£3,212.69£1,418.71£1,793.98
28/02/2015£3,212.69£1,438.50£1,774.19
28/03/2015£3,212.69£1,458.57£1,754.12
28/04/2015£3,212.69£1,478.91£1,733.78
28/05/2015£3,212.69£1,499.54£1,713.15
28/06/2015£3,212.69£1,520.46£1,692.23
28/07/2015£3,212.69£1,541.67£1,671.02
28/08/2015£3,212.69£1,563.18£1,649.51
28/09/2015£3,212.69£1,584.98£1,627.71
28/10/2015£3,212.69£1,607.10£1,605.59
28/11/2015£3,212.69£1,629.51£1,583.18
28/12/2015£3,212.69£1,652.25£1,560.44
28/01/2016£3,212.69£1,675.29£1,537.40
28/02/2016£1,698.67£1,698.67£0.00
28/03/2016£1,722.36£1,722.36£0.00
28/04/2016£1,746.39£1,746.39£0.00
28/05/2016£1,770.75£1,770.75£0.00
28/06/2016£1,795.45£1,795.45£0.00
28/07/2016£1,820.50£1,820.50£0.00
28/08/2016£1,845.90£1,845.90£0.00
28/09/2016£1,871.65£1,871.65£0.00
28/10/2016£1,897.75£1,897.75£0.00
28/11/2016£1,924.23£1,924.23£0.00
28/12/2016£1,951.07£1,951.07£0.00
28/01/2017£1,978.29£1,978.29£0.00
28/02/2017£2,005.89£2,005.89£0.00
28/03/2017£2,033.87£2,033.87£0.00
28/04/2017£2,062.24£2,062.24£0.00
28/05/2017£2,091.01£2,091.01£0.00
28/06/2017£2,120.18£2,120.18£0.00
28/07/2017£2,149.76£2,149.76£0.00
28/08/2017£2,179.74£2,179.74£0.00
28/09/2017£2,210.15£2,210.15£0.00
28/10/2017£2,240.98£2,240.98£0.00
28/11/2017£2,272.24£2,272.24£0.00
28/12/2017£2,303.94£2,303.94£0.00
28/01/2018£2,336.08£2,336.08£0.00
28/02/2018£2,368.67£2,368.67£0.00
28/03/2018£2,401.71£2,401.71£0.00
28/04/2018£2,435.22£2,435.22£0.00
28/05/2018£2,469.19£2,469.19£0.00
28/06/2018£2,503.63£2,503.63£0.00
28/07/2018£2,538.56£2,538.56£0.00
28/08/2018£2,573.97£2,573.97£0.00
28/09/2018£2,609.88£2,609.88£0.00
28/10/2018£2,646.29£2,646.29£0.00
28/11/2018£2,683.20£2,683.20£0.00
28/12/2018£2,720.63£2,720.63£0.00
28/01/2019£2,758.59£2,758.59£0.00
28/02/2019£2,797.07£2,797.07£0.00
28/03/2019£2,836.09£2,836.09£0.00
28/04/2019£2,875.65£2,875.65£0.00
28/05/2019£2,915.77£2,915.77£0.00
28/06/2019£2,956.44£2,956.44£0.00
28/07/2019£2,997.68£2,997.68£0.00
28/08/2019£3,039.50£3,039.50£0.00
28/09/2019£3,081.90£3,081.90£0.00
28/10/2019£3,124.90£3,124.90£0.00
28/11/2019£3,168.49£3,168.49£0.00
Total:£130,000.00£23,509.80