A motorhome hire company from Fakenham is set to benefit from increased demand during the summer months, having taken advice on fundraising and added two new motorhomes to its fleet.
Fundays Hire re-modelled its business plan to complete leasing agreements on two new motorhomes, with help from the Understanding Finance for Business team at St John’s. Now with a fleet of five motorhomes, Fundays expects to capitalise on the ever-increasing popularity of UK ‘staycations’ and the influx of tourists to East Anglia anticipated during the build-up to London 2012.
Delivered by St John’s Innovation Centre on behalf of EEDA, Understanding Finance for Business sees a dynamic team of entrepreneurs, experienced investors and former bankers helping local businesses secure the funding they need to start and grow. Since it began in August 2009, the programme has helped over 1,000 businesses to raise nearly £10 million in grants, equity or bank finance at no cost to the companies concerned.
Peter Lattimore, owner of Fundays Hire, said:
“The Understanding Finance for Business team opened our eyes to the array of funding options available to ambitious businesses like ourselves. Before working with St John’s, we had not considered leasing or hire purchase as a means of growing our fleet. We purchased new caravans and paid hefty deposits using personal savings and bank loans with relatively high interest rates. Big commitments for a small, family-run business. Leasing was a revelation and has undoubtedly proved a better way for us to grow the business whilst allowing us to conserve our capital funds.”
Having identified leasing as a viable option, Funday’s Understanding Finance for Business mentor, David Byford, introduced Peter to an asset finance specialist who took him through the fine details and ensured that the business secured the best deal.
David Byford commented:
“I am delighted that we were able to identify a more cost-effective approach to help Fundays grow its fleet. There is no doubt that raising finance is still difficult in the current climate but I would urge all businesses to check the options open to them as there may be other ways to raise money that they have never previously considered”
Peter Lattimore added:
“Much more than the financial side, and in addition to the useful introduction, the Understanding Finance for Business programme brought the future direction and growth of my business into sharp focus. The team from St John’s were refreshingly challenging when it came to reviewing our business plans and funding pitch. From our projections right through to the body language during practise pitches, the feedback we received was invaluable.”
With their fleet of five motorhomes, Fundays now has the largest fleet of motorhomes for hire in Norfolk.
To find out more about Fundays go to www.fundays-hire.co.uk