Monga’s comes to rebuildingsociety with an ambitious growth plan

With two decades of retail success under its belt in London, Monga’s is ready to expand its brand of high quality Asian clothing with larger premises.

Monga’s is known for its rich fabrics, customized design and excellent customer service. This company is special in that it owns both the factories in India where its garments are produced and the storefront in London where they are sold. After starting a successful export business in 1996, the company opened its London store in 2004. Demand for Monga’s formal traditional Indian and Western-style garments continues to grow, and the company is ready to rise to the occasion. They have identified premises that will double the current retail floor space and also improve walk-in traffic at the new location on the ground floor of a busy commercial center.

They seek a £185,000 loan from the community to acquire and refurbish the space.

More space means more business

“Right now, our customers come to us via word of mouth because we’re up on the fourth floor, and we have a lot of products we can’t display,” said Ankit Monga. “In the new retail premises, we’ll have a huge market presence because we’ll be on the ground floor of a very busy street. We’ll add new lines of products and be able to serve a greater number of customers at once.”

And their experience will be improved, as they have more space to walk around and comfort in making their choices.

Monga’s is beloved for its reasonable pricing and bespoke customization options. Now is the time to bring those benefits to more customers than ever, Monga said.

A steady financial history

Monga’s had no problem paying off the loan they took to acquire the current premises, and business projections are strong. The Monga family is confident that this will be a good investment for rebuildingsociety lenders.

“We have arranged our own funds to pay the premium, and the loan will allow us to refurbish the space,” Monga said. “As so much of our own capital is invested into the business, we are taking on more risk than the lenders, so they can feel confident in our commitment to improve our profits and repay the loan.”

The loan is to be supported by way of a director’s personal guarantee as well as a charge over the leasehold property for which the loan is being used to purchase.

You can learn more about this loan opportunity in the profile and discussion.

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