12/6/2017 | Restaurant Mortgages

Christie Finance helps restaurateur transform Nottingham pub

Specialist commercial finance broker, Christie Finance has helped experienced restaurateurs to raise funding to transform The Oxclose Pub in Arnold, Nottingham into a restaurant specialising in Chinese cuisine.

The Oxclose is located just outside Nottingham City Centre. The Grade II listed property dates from the 1930's, offers an extensive commercial trading space to convert into a 200-cover restaurant with a large car park at the front of the property.

The property owners, Mr & Mrs Hoang have been involved in the restaurant and catering industry since 1986 and have owned several successful Chinese restaurants across the UK, managing extensive refurbishments at each before purchasing The Oxclose Pub to develop it into a similar venture.

Associate Director of Christie Finance, Stuart Pawelczyk helped the Husband and Wife team to access specialist finance to start the refurbishment project to transform the property into a trading restaurant. The challenge for securing the right funding was that the business had no current trading accounts to call on and no current income to service the loan repayments, so Stuart was able to broker a facility on an interest only basis to aid the clients until the business commences trading.

Stuart said of the deal, "Development finance for a closed business can be difficult to pitch to lenders even for the most experienced operators. But with our expertise of telling the full story of owners' plans for the property and business, we are able to overcome lenders hesitation and access the right facility to aid the business in the long term. I wish Mr & Mrs Hoang the best of luck with their new venture which will undoubtedly be a huge success."