Double Takes on

It’s not uncommon for companies to return to; recently, Candy Hero Ltd. and Taylor Made Property Management both revisited the platform to once again successfully secure funding.

On other occasions, it is one individual who seeks funding on behalf of two separate businesses on separate occasions. This is the case with Laurence Haring, who procured loans for both Yewshore Limited and Anzoff Limited. These businesses trade under the names of Monkton Combe Filling Station and Buncombes Garage; they are petrol filling stations located in the west of the United Kingdom.

Both loans, of £68,000 and £54,000 respectively, were completed in 2015, and Laurence continues to make repayments to the investors who lent him the funds.

We spoke to him to find out a bit more about his experience.

How did you first find

I was introduced to by a finance broker I had used many times for securing predominantly asset finance.

What made you decide to use this method of borrowing money?

I believed the companies were viable to lend to, based on previous retained profits and growth. At the time, retail was not the most popular sector for mainstream banks, but SMEs need funding to help growth and I felt that would look at the businesses as they were, and see what they could achieve.

What have the funds been used for since they were acquired?

The funds were used for working capital to enable more flexible purchasing, capital investment and a small bolt-on business.

How has the repayment process been so far?

As when the loans were requested, the repayment process has been simple and viable. The businesses wouldn’t ever enter financial commitments that I would be unable to achieve.

How are the businesses doing?

The businesses are performing to expectations and hitting internal budgets and targets. Fuel margins have been better over the last 18 months and shop growth is achieved year on year. We have made additional significant capital investment over the last year.

Double-Takes-2What are some of the challenges you have faced over the last two years?

There has been increased competition, with “super independents” taking on many sites nationally. This has led to less smaller independents being available on the open market. Both leasehold and freehold site values are being sold at extensive premiums and I believe this will continue.

What do you think the future holds for the two filling stations?

Both sites will continue to trade in their existing format. Both sites currently have fuel supply agreements with Murco which expire in June 2018. There have been various new independent distributors who have come to the market, and new fuel supply agreements are offering significantly better terms now than were available a few years ago. Additionally, we have been approached by commercial agents looking for viable outlets for other independents seeking to expand their portfolio; this serves as a great comfort blanket.

Would you return to to seek funds, either for these businesses or others, in the future?

Yes, I would use again, for sure.

Search our blog...