Nellco Limited

ARTS, ENTERTAINMENT AND RECREATION

Funds Requested

£35,200.00

Offered so far

£0.00

Loan term

60 MONTHS

Auction Closed

2018-03-25

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

About the Business

Company Name: Nellco Limited Company Number: 7426144
Business Type: ARTS, ENTERTAINMENT AND RECREATION Years Trading: 5-10 years
Business Location: London

About the Risk

Risk rating

B

Default rate

7.10%

Bad debt rate

5.84%

About the Security

Security Offered:

Personal Guarantee - PG from Mr Simon Nundy

Est. Equity: 20000.00

All Assets Debenture - Second Priority All Assets Debenture over the applicant business

Est. Equity: 10000.00

Risk Indicators Identified:

Low Security Coverage
The security offered on this loan is below desirable levels
Below Average Personal Credit Scores
The directors' combined average personal credit scores are below the national average
High level of borrowings
This business has a high level of borrowings in relation to its turnover
High Debt-to-Equity Ratio
This company has a higher than average level of company debt in relation to its equity

Important Files

Who are we?

Visit our Website!

Check us out on Facebook

This business was listed on the platform in January 2018. The application was cancelled whilst the borrower reconsidered their finance needs.

We are an established 500 capacity bar and live music venue. We recently completed a £250,000 refurbishment and expansion of our premises that has doubled our capacity from the previous 250 limit and built new toilets and a new bar in the basement. Bookings, turnover and profit are all up but to benefit fully from the opportunities we now have to book bigger bands we need to upgrade our website and digital marketing and we need to pay deposits for artists that we are booking up to a year in advance.

Read more

Loan Offers

What is the loan for?

The £33,200 will be used as working capital which will include upgrading our website and digital marketing and paying deposits for larger bands that we are now able to book. Our current LDF loan will also be redeemed using the funds raised here.

Our current breakeven per day is £1750 in sales. When we book a large enough band to sell 350 tickets we take between £4000 and £7000. Our objective is to do this most days.

Why consider investing?

We are an established profitable business - trading since February 2009 and incorporated since November 2010 (see www.newcrossinn.com). The owner has recently invested £150,000 of his own money. We have already completed the expansion and refurbishment successfully and we are benefiting from the increased sales. We have been managing the current repayments but this loan will reduce our overall outgoings and help increase our sales and profits further. We are being offered bands by agents that would sell out the venue on a weekly basis but simply need to have the working capital to fund deposits.

Security

This loan is to be secured by a Personal Guarantee, All Assets Debenture and a 3rd Priority Property Charge.

A Personal Guarantee will be provided by the sole director, Mr Nundy, who has an estimated net worth of around £20,000. Mr Nundy is a property owner of a property with an estimated value between £500,000 and £560,000 based on online estimates and an estimated equity of between £75,000 and £130,000.

An All Assets Debenture will also be taken over the applicant company. This will create a fixed and floating charge covering all assets of the business, to sit behind the existing HSBC charge.

DateAmountCapitalInterestReceived
25/04/2018£849.25£390.52£458.73
25/05/2018£849.25£395.61£453.64
25/06/2018£849.25£400.77£448.48
25/07/2018£34,456.04£34,012.76£443.28
25/08/2018£0.00£0.00£0.00
25/09/2018£0.00£0.00£0.00
25/10/2018£0.00£0.00£0.00
25/11/2018£0.00£0.00£0.00
25/12/2018£0.00£0.00£0.00
25/01/2019£0.00£0.00£0.00
25/02/2019£0.00£0.00£0.00
25/03/2019£0.00£0.00£0.00
25/04/2019£0.00£0.00£0.00
25/05/2019£0.00£0.00£0.00
25/06/2019£0.00£0.00£0.00
25/07/2019£0.00£0.00£0.00
25/08/2019£0.00£0.00£0.00
25/09/2019£0.00£0.00£0.00
25/10/2019£0.00£0.00£0.00
25/11/2019£0.00£0.00£0.00
25/12/2019£0.00£0.00£0.00
25/01/2020£0.00£0.00£0.00
25/02/2020£0.00£0.00£0.00
25/03/2020£0.00£0.00£0.00
25/04/2020£0.00£0.00£0.00
25/05/2020£0.00£0.00£0.00
25/06/2020£0.00£0.00£0.00
25/07/2020£0.00£0.00£0.00
25/08/2020£0.00£0.00£0.00
25/09/2020£0.00£0.00£0.00
25/10/2020£0.00£0.00£0.00
25/11/2020£0.00£0.00£0.00
25/12/2020£0.00£0.00£0.00
25/01/2021£0.00£0.00£0.00
25/02/2021£0.00£0.00£0.00
25/03/2021£0.00£0.00£0.00
25/04/2021£0.00£0.00£0.00
25/05/2021£0.00£0.00£0.00
25/06/2021£0.00£0.00£0.00
25/07/2021£0.00£0.00£0.00
25/08/2021£0.00£0.00£0.00
25/09/2021£0.00£0.00£0.00
25/10/2021£0.00£0.00£0.00
25/11/2021£0.00£0.00£0.00
25/12/2021£0.00£0.00£0.00
25/01/2022£0.00£0.00£0.00
25/02/2022£0.00£0.00£0.00
25/03/2022£0.00£0.00£0.00
25/04/2022£0.00£0.00£0.00
25/05/2022£0.00£0.00£0.00
25/06/2022£0.00£0.00£0.00
25/07/2022£0.00£0.00£0.00
25/08/2022£0.00£0.00£0.00
25/09/2022£0.00£0.00£0.00
25/10/2022£0.00£0.00£0.00
25/11/2022£0.00£0.00£0.00
25/12/2022£0.00£0.00£0.00
25/01/2023£0.00£0.00£0.00
25/02/2023£0.00£0.00£0.00
25/03/2023£0.00£0.00£0.00
Total:£35,199.66£1,804.13