Duo of pubs tap into Assetz Capital’s funds
Marketplace lender Assetz Capital has provided over £900,000 to fund the refurbishment of two pubs in the North West.
Manchester-based developer, Henry Skipton, secured £675,000 funding to support the acquisition of Molly House, an established pub and restaurant located near Manchester’s Canal Street. The finance package was supplied within just five weeks, enabling Henry to purchase the fully-managed operation and continue the smooth running of the popular pub.
Assetz Capital has also provided a commercial mortgage worth £262,500 to fund the refinance and refurbishment of PLAU in Friargate, Preston. The 350-year-old pub is set to re-open its doors following a refurbishment in November.
Since 2013, Asetz has provided a range of alternative finance products to businesses and property developers in the UK, including commercial mortgages, secured SME term loans, development finance, bridging finance and residential refurbishment loans. To date, the firm has lent £860m to UK businesses.
Colin Doyle, regional relationship director at Assetz Capital said: “Even though research shows that the number of pubs in the UK has fallen by 17 per cent since 2000, there are still many successful operators and strong trading locations and we are keen to support these ventures and ensure that their long history and popularity continues.
It is great to have the opportunity to fund small businesses in the local community and ensure the upkeep of two popular sites.”
Henry Skipton, director of Molly May Enterprises Limited said: “It has been a pleasure to work alongside Assetz Capital to purchase Molly House. The pub has a loyal customer-base and presents good opportunities for revenues and Assetz was able to support our efforts to give the pub a new lease of life. I am pleased to have kept the pub up and running and look forward to seeing its success in the coming months.”
Jeremy Rowlands, director of The PLAU Preston Limited: “PLAU has a longstanding history and is a well-known landmark in the area, having been built on the site in 1665. Assetz Capital was able to provide a flexible loan that would help restore and reinvigorate such a historic building. I look forward to re-opening our doors and hope to continue working alongside Assetz to fund the development of further sites across the region.”