LONGCAKE LIMITED

Funds Raised

£18,674.00

Final AER

19.30%

Loan term

37 MONTHS

Auction Closed

N/A

Trading on Hold
Microloan trading is currently on hold for this loan.

About the Business

Company Name: LONGCAKE LIMITED Company Number: 08753990
Business Type: Years Trading: 2-3 years
Business Location: MIDDLESBROUGH

About the Risk

Risk rating

C

Default rate

13.30%

Bad debt rate

5.47%

About the Security

Security Offered:

1st Charge Residential Property

Est. Equity: 0.00

Risk Indicators Identified:

Important Files

Who are we?

Longcake Ltd is a family run fish and chip shop in Newcastle Upon Tyne area trading as “V.Gorman Fish and chips”. The family has been involved in running fish and chip shops since 1962 and has built up a solid reputation within the area, with Dad and Uncle also continuing to run two successful shops. Over the past year Victoria and Peter have spent time and money to refurbish the “Front” of the shop, ensuring that the business remains appetising and appealing to customers. (Photo Supplied to Rebs for upload). A lot of time and effort has been put into increasing margins and finding improved supply chains and the final piece of the puzzle is to continue the modernisation of the shop and improve equipment, machinery and the back area of the shop.

Read more

Loan Offers

What is the loan for?

Existing short term loan to EZ Bob will be paid off from the new loan, and the remaining funds used to purchase new equipment, decoration and flooring.

Why consider investing?

In recent months turnover has improved, with the business now turning over up to £9,500 per week, aspiring to increase this to £15,000 per week by the year end.

Security

The loan is to be secured by way of a directors guarantee provided by the company directors, Mr and Mrs Hill. They have an estimated net worth of around £100,000.00 through the ownership of their marital home, which has an estimated value of £400,000 and £100,000 estimated equity.

DateAmountCapitalInterestReceived
16/10/2018£673.64£373.29£300.35
16/11/2018£673.64£379.29£294.35
16/12/2018£673.64£385.39£288.25 (31 days late)
16/01/2019£673.64£391.59£282.05 (12 days late)
16/02/2019£673.64£397.89£275.75
16/03/2019£673.64£404.29£269.35
16/04/2019£673.64£410.79£262.85
16/05/2019£673.64£417.40£256.24
16/06/2019£673.64£424.11£249.53
16/07/2019£673.64£430.93£242.71
16/08/2019£673.64£437.86£235.78
16/09/2019£673.64£444.90£228.74Not Due
16/10/2019£673.64£452.06£221.58Not Due
16/11/2019£673.64£459.33£214.31Not Due
16/12/2019£673.64£466.72£206.92Not Due
16/01/2020£673.64£474.22£199.42Not Due
16/02/2020£673.64£481.85£191.79Not Due
16/03/2020£673.64£489.60£184.04Not Due
16/04/2020£673.64£497.48£176.17Not Due
16/05/2020£673.64£505.48£168.16Not Due
16/06/2020£673.64£513.61£160.04Not Due
16/07/2020£673.64£521.87£151.77Not Due
16/08/2020£673.64£530.26£143.38Not Due
16/09/2020£673.64£538.79£134.85Not Due
16/10/2020£673.64£547.45£126.19Not Due
16/11/2020£673.64£556.26£117.38Not Due
16/12/2020£673.64£565.20£108.44Not Due
16/01/2021£673.64£574.30£99.35Not Due
16/02/2021£673.64£583.53£90.11Not Due
16/03/2021£673.64£592.92£80.72Not Due
16/04/2021£673.64£602.45£71.19Not Due
16/05/2021£673.64£612.14£61.50Not Due
16/06/2021£673.64£621.99£51.65Not Due
16/07/2021£673.64£631.99£41.65Not Due
16/08/2021£673.64£642.16£31.49Not Due
16/09/2021£673.64£652.48£21.16Not Due
16/10/2021£673.64£662.98£10.66Not Due
Total:£18,674.84£6,249.87