Seven Spirit Ltd is an independent bar and restaurant group which currently operates three sites in Northampton: ‘Sazerac’ – a boutique cocktail bar, ‘Old House Northampton’, an English pub and kitchen and ‘Department of Meat and Social Affairs’, a bar and restaurant and multi-use venue which stages live music events and is also available to hire for private events. Seven Spirit Ltd has been trading for 3 years and has grown quickly during this time.
Location - Northampton
Business Nature - Leisure & Hospitality
Loan Purpose - Asset Purchase
Trading For - 3 years
Target - £50,000
Loan Term - 12 months
Number of Bids - 15
Avg ROI - 11.35%
Keen to expand their portfolio within Northampton, the company identified a potential site which they planned to purchase and renovate to turn in to a new bar and restaurant. It was at this point that one of the Directors of the Company was made aware of crowdlending through a colleague who currently invests in the platform. After some initial research in to various crowdlending companies and their offering, they decided to contact LendingCrowd to find out more.
Why they chose us
Impressed by the high level of service and professional approach from the very first contact, the Company signed up and a few weeks later, their pitch for funding was launched. Within 6 weeks of their pitch going live, Seven Spirit Ltd had successfully reached their loan target of £50,000. The pitch attracted 11 bids in total from 3 individual investors.
A happy ending
Securing the funding meant that the Company was able to go ahead with the purchase and renovation of the new property. Work is currently underway on the development and will see the new bar and restaurant located on the ground floor of the building, while the first floor has been completely transformed to create 12, one bedroom apartments which will be offered for rent. The Company hopes to complete the entire development by September 2015. As well as expanding their business with a fourth site within Northampton, the company will see their staff numbers increase as the new bar and restaurant is set to create 27 new jobs.
Managing Director, Seven Spirit Ltd:
“LendingCrowd were excellent - very professional and always in control. When you are involved in running several businesses like ours, efficiency is paramount and LendingCrowd were certainly efficient. The service they provided was first-rate and the experience of their credit team really shines through.”