Bright future for Sunseekers as it secures funding
ThinCats, the leading alternative lender to mid-sized SMEs has facilitated a £2m loan to Sunseekers Sunbeds, the largest independent sunbed and tanning shop business in the North West. The funding will support the company’s growth plan to increase the number of stores across the region.
Established and run by managing director, Ben Smith, the company’s growth has been impressive. Opening its first store in Maghull in 2001, Sunseekers opened site 18 in January of last year and the funding will hopefully allow them to expand to 31 sites over the next 12 months.
To meet the growing demand in the local market, Ben Smith, began to look at funding options.
ThinCats were introduced to the Sunseekers team by advisors; Dave Graham and Phil Hodgson of Dow Schofield Watts, who had strong ties with ThinCats, having worked with the team before on various local deals.
Ben Slack and Andrew Curtis at Clarion Solicitors provided legal support for the deal.
Ben Smith, managing director and founder, Sunseekers: “Sunseekers started as a small business with big ambitions, growing organically to now spanning nineteen salons across the North West. When we went out for financing, we needed a solution that would suit our business and its strategy – and ThinCats offered what we needed and more from a lender with their proactive and pragmatic approach to business.”
Dave Graham, Dow Schofield Watts: “Ben has built a great business. We love working with ambitious entrepreneurs and I was glad we could support him with his growth plans.
Ben Kimball, director of regional business development, ThinCats: “When Ben at Sunseekers reached out to us, I saw an opportunity to help an ambitious local enterprise. A well-considered and thoughtful growth plan meant that we were able to structure a credit backed offering in a timely fashion, enabling Ben and his team to move the businesses forward.”