Simmons Bar
3 February 2020
"Going directly to loan companies felt like a better option for us, the rates were slightly better and it felt like an easier process."
Nick Campbell wanted to expand his chain of cocktail bars in London and launch the newest Simmons Bar in Soho. To do it, he and his business partner Jason needed £50,000 for refurbishments and the down payment on the lease, as well as a flexible line of credit for the future needs of the bar. We helped Simmons Bar find the unsecured loan they needed to quickly secure the perfect premises for a new cocktail bar.
The team's existing business bank was the obvious first choice, and they were offered a £25,000 unsecured loan. But Nick and Jason needed more than this to carry out their plans, and the bank was unwilling to negotiate because their offer was based on trading history — rather than the clear signs of a growing business doing well in the fast-moving London bar scene.
Nick had heard about crowdfunding in a TV ad and considered it for the business. He also approached a second high street bank, but decided that comparing all his options was the best course of action, so he got in touch with Funding Options.
After an assessment of the business and a chat about their options, Nick and Jason chose RateSetter, an innovative peer-to-peer lending platform.
RateSetter looked at Nick and Jason’s considerable experience running profitable bars in London, their excellent track record, and the fact that they’d identified a clear market opportunity – they agreed a £50,000 loan for the new Simmons Bar.
We packaged the deal quickly and it was turned around fast by RateSetter, so Nick and Jason could stick to their tight deadlines and keep the project on track. They also appreciated some of the benefits of RateSetter, like having no early repayment fees and the option to draw down again in the future — both big advantages for a business in a period of fast growth.
Find out more about the finance options available to help your business grow and adapt here.
Business Funding UK
Let us help you find the best business finance solutions in the market. We will guide you through the whole process and make sure you get the best deal.
See your Funding OptionsMatch with 120+ Lenders
It’s free to apply and it doesn’t affect your credit score
Expert help throughout the process
Loans from £1000 to £20M
More customer stories
Mother Goose
Mother Goose were looking for funding to add a new café to their interiors retail store. From traditional shop fitting like display cabinets and EPOS systems to catering equipment like refrigerators and ovens, they needed funding to make it happen.
Body Sculpt Conditioning
Personal trainer Max Jenkins wanted to set up a new gym business in Scarborough. Before coming to Funding Options, he’d already laid the groundwork for his business, but because of changing circumstances and a limited knowledge of what was available in the market, he wasn't sure exactly how much he would need.