CHESTER PEARCE ASSOCIATES UK LIMITED

9303 Funeral and related activities

Funds Requested

£25,000.00

Offered so far

£0.00

Loan term

24 MONTHS

Auction Closed

2016-11-07

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About the Business

Company Name: CHESTER PEARCE ASSOCIATES UK LIMITED Company Number: 07712388
Business Type: 9303 Funeral and related activities Years Trading: 3-5 years
Business Location: Poole

About the Risk

Risk rating

C

Default rate

13.30%

Bad debt rate

5.47%

About the Security

Security Offered:

Personal Guarantee - PG from Mr Stephen Nimmo

Est. Equity: 0.00

Personal Guarantee - PG from Mr James Nimmo

Est. Equity: 190000.00

Risk Indicators Identified:

Previous Failed Businesses
One or more of the directors has been involved in a failed business
Below Average Business Credit Rating
A 3rd party credit rating agency has indicated that this business is above average risk.
High Debt-to-Equity Ratio
This company has a higher than average level of company debt in relation to its equity
Director/s has a poor personal credit history
A director/s have previous blemishes on their personal credit report

Important Files

Who are we?

Chester Pearce Associates UK Limited provides all forms of bereavement support to its client families.

Chester Pearce Funeral Service is a central part of the organisation, providing funeral services to families in Bournemouth, Poole and the surrounding areas. Nearly all funeral directors in the locality have been established for many years. As a company which is just over five years old, we are able to look at the industry with a fresh pair of eyes, and so this has given us a considerable edge in the market place. We provide funerals from the very traditional, to environmentally friendly funerals, and support for families on low income. Our ‘blank canvas’ approach to the provision of funeral services has seen strong growth for the company, from just seven funerals in year one, to 94 funerals in year five, and an expected 120/125 funerals this year.

Funerals now are becoming more personalised, and Chester Pearce leads the way in offering that to families. A funeral not governed by preset packages and costs but more about the person who has died and the family left behind.

We have full facilities in Westbourne, offering complete continuity of care, and the opening of our funeral home in Canford Heath further strengthens our position, being the only funeral service based in a community of 90,000 people. Canford Heath will be a Community Funeral Service for the community.

Read more

Loan Offers

What is the loan for?

This loan is to facilitate the creation of the new premises in The Neighbourhood Centre at Canford Heath, Poole. There is no immediate competition there and it sits within a very large housing estate.

We plan to set ourselves up very much as a community service, a funeral director for YOUR community. At present, we are negotiating the finer points of the lease with a view to taking possession of the property in mid November, and opening early January. The yearly rent is £16000 plus VAT The premises has been recently renovated, so we are looking at a shop fit and mortuary build. The initial plans for the shop fit have been priced at around £7,000 plus VAT and the flooring at around £4,000 plus VAT. The mortuary fit would cost in the region of £7,000 and then the fitting out with furniture, computers etc a further £5,000. So overall, we are looking at circa £25,000 to get the doors open. The remainder of the funding would be for a vehicle to service this premises.

Why consider investing?

The current business has reached it capacity and the timing and circumstance are now in place to expand and develop the business further.

Security

This loan is to be secured by way of Personal Guarantee, from the director Mr Steven Nimmo and his father, James Nimmo.

The two guarantors have a combined estimated net worth of £190,000. This is derived from James' ownership of his personal dwelling, which has an estiamted value of £385,000 and £200,000 estimated equity.

DateAmountCapitalInterestReceived
04/12/2016£1,216.58£896.35£320.22
04/01/2017£1,216.58£907.83£308.74
04/02/2017£1,216.58£919.46£297.12
04/03/2017£1,216.58£931.24£285.34
04/04/2017£1,216.58£943.17£273.41
04/05/2017£1,216.58£955.25£261.33
04/06/2017£1,216.58£967.48£249.09
04/07/2017£1,216.58£979.87£236.70
04/08/2017£1,216.58£992.43£224.15
04/09/2017£1,216.58£1,005.14£211.44
04/10/2017£1,216.58£1,018.01£198.56
04/11/2017£1,216.58£1,031.05£185.52
04/12/2017£1,216.58£1,044.26£172.32
04/01/2018£1,216.58£1,057.64£158.94
04/02/2018£1,216.58£1,071.18£145.39
04/03/2018£1,216.58£1,084.90£131.67
04/04/2018£1,216.58£1,098.80£117.78
04/05/2018£1,216.58£1,112.87£103.70
04/06/2018£1,216.58£1,127.13£89.45
04/07/2018£1,216.58£1,141.57£75.01
04/08/2018£1,216.58£1,156.19£60.39
04/09/2018£1,216.58£1,171.00£45.58
04/10/2018£1,216.58£1,186.00£30.58
04/11/2018£1,216.58£1,201.19£15.39
Total:£25,000.01£4,197.82