Business lending: October Deals of the Month
Our October Deals of the Month range from a £43,000 loan that helped a former trainee hair stylist buy the business she worked for, to a £5.82 million funding package that launched a new corrugated sheet board business in the UK.
28 November 2014
Each month, we profile five key SME banking deals supported by RBS and NatWest business banking and commercial banking teams around the UK.
Andi Pandi’s
Location
Ammanford, Wales
Amount lent
A commercial mortgage, which includes the mortgage on the existing nursery building and funding to purchase the building next door.
Why
Owner of a popular nursery, Andrea Halpin-Jones expanded her business with help from NatWest. Andrea has now bought the building next door, creating more indoor space for the nursery children as well as a garden, meaning that the nursery can now take up to 68 youngsters. She has also launched an out-of-school club for children aged four to 11, which operates after school each day and every school holiday. The expansion has created five new jobs, bringing the number of staff at the business to 20.
Key individuals involved
Andi Pandi’s founder Andrea Halpin-Jones and NatWest relationship manager Nathan Davies.
Strands Hair
Location
Exmouth
Amount lent
£43,000 loan
Why
Nicola Askew, who started at Strands Hair as a trainee stylist and has managed it for the past eight years, is now the owner of the salon thanks to NatWest. With the funding received, Nicola purchased the business and recruited an additional assistant. Nicola now plans to expand into the nail services market, and in the long-term hopes to open a sister salon in Cranbrook.
Key individuals involved
Nicola Askew, owner of Strands Hair, and Steve Hawkins, relationship manager at NatWest.
Corrboard UK Ltd
Location
Scunthorpe
Amount lent
£5.82 million funding package from the Royal Bank of Scotland (RBS) and the Royal Bank of Scotland Invoice Finance (RBSIF).
Why
New corrugated sheet board manufacturer Corrboard UK Ltd – with support from founding partner firm Corrugated Synergies International LLC (CSI) - is aiming to become the leading supplier of corrugated sheet board to the UK box plant industry. Thanks to the funding package from RBS, Corrboard UK Ltd has been able to construct the manufacturing premises needed for operations and has now launched this new business in the UK.
Key individuals involved
Simon Holmes, General Manager, Corrboard UK, John Perullo, President and CEO of CSI and Andy Croasdell, Relationship Director, RBS.
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