Photograph: (Left to Right) Jason Hughes and Mike Calvert
A successful Lancashire-based entrepreneur is branching out into property development with help from a short-term business finance loan from Reward Finance Group.
Jason Hughes, who owns Kart World in Burscough, and also retails cars and motorbikes, has seized the opportunity to purchase a derelict pub which he plans to demolish, replacing it with a residential development on the footplate, which includes a large car park.
Planning has been granted for the scheme and the site will be split into three plots. Two of the plots have already been sold off plan, which will pay for the cost of the development, with Jason keeping the third plot for himself.
Speaking about the project, Jason said,
“I once owned the pub but sadly the new owner was unable to maintain it as a going concern and closed it five years ago. He recently applied for, and was granted, planning permission to knock it down and build eight houses.
“When I heard that he was retiring and selling off his assets I leapt at the opportunity to buy it back knowing that it had already been given the go ahead to change it from commercial to residential use. I reduced the number of units on the plot to build three much larger houses, as I wanted one of them for myself.
“With a great deal of interest in the site I needed to act quickly so I would not miss the opportunity. In addition, as it was only three houses instead of eight and having already sold two of them off plan, I only needed working capital for a year.
“I was introduced to Mike Calvert at Reward Finance Group by Gary Beggs of Pomegranate Commercial Finance in Liverpool. Having recognised the merits of the site Mike quickly organised the funding enabling me to purchase the pub and progress the development.”
Mike Calvert, Business Development Director for Reward in the North West, added,
“Jason is a well-known entrepreneur in the area with a number of successful businesses. He is a shrewd operator and we quickly recognised his strategy to build and sell two homes which would, in effect, completely fund the third for himself. With the right security in place, we had no hesitation in turning around the funds in a few days so he could grab the opportunity.”