When entrepreneur Craig Mitchell saw an opportunity to transform a redundant site in his local town into a unique café and social hub, he knew as an experienced property developer that accessing short term working capital was key to making his vision a reality.
Having seen the former workshop and storage yard on Methley Road vacant for several years, and knowing the area inside-out through his property business, Craig saw its potential. His plan was to create a new social hub complete with artisan coffee shop and sandwich bar, as well as a high-specification hair and beauty salon.
What Craig’s business, Carter & Co. Property Solutions, required most was the funds to complete the purchase of the site and ensure the building and conversion work could be completed in as short a timeframe as possible. That way Craig’s team could begin serving customers and create revenue.
After speaking with Brian Snape, owner of Mighty Oak Business and Property Finance, Craig was introduced to Reward who were quickly able to arrange a short-term bridging loan of £100,000. And, so it was that the new Livelihub was created, a contemporary space for eating, drinking and socialising, Within the same building is a stylish new salon for Luxe Professional Hairdressing with space for five barbers.
Craig Mitchell, Director of Carter & Co. Property Solutions, said:
“It is fantastic to be able to realise our ambitions and create a social hub unlike anything else in the town. Being able to access £100k on a short term basis through Reward has been really beneficial to the project. Their approach is refreshing and one that I haven’t previously experienced from the major banks, with a great dedication to getting to know my business and understand what we need to grow and thrive.”
Commenting on the deal, Karen Paige, Reward Finance Group’s Associate Director, added:
“We are delighted to be able to support the business through our Business Finance product, which is ideal for clients like Carter & Co. who require a short-term working capital facility to be able to progress with their growth plans whatever they may be.”