The pub is one of Britain’s most cherished institutions, but it hasn’t had the easiest time of it lately. A combination of higher beer prices, the smoking ban and supermarket discounts has contributed to a sharp decrease in pub and bar numbers, with the Campaign For Real Ale (CAMRA) revealing in February 2016 that there are 20% fewer pubs in the UK than a decade ago.
While the weekly rate of pub closures fell to 21 earlier this year – down from a height of 49 closures per week in 2009 – pub and bar owners continue to operate in a challenging economic environment, which has only been made more challenging by the result of the EU referendum. And with supermarkets continuing to undercut pubs on the price of alcohol, many publicans have been forced to rethink their business models to entice customers away from their sofas.
Whether it’s introducing an all-day food offering, putting on live entertainment or simply extending the pub garden, it’s very much become a case of ‘evolve or die’ for Britain’s beloved public houses.
Business loans for pubs & bars
Making a significant change to a business often requires an injection of capital. Up until 2008, most pubs would have had relatively little trouble securing the necessary funding from their bank. However, as banks started to reduce their lending to SMEs following the recession, pubs suddenly found themselves in the ‘high risk’ category. This meant that many pub owners were unable to secure the finance that they needed to survive, let alone thrive.
Fortunately, this decline in bank lending has paved the way for a host of new lenders to enter the SME finance market. Able to fund businesses in just 24 hours, these alternative finance providers are a popular option for pubs that have either been turned down for a bank loan or are unwilling to wait weeks for a meeting with their bank manager only to have their funding application declined.
Pub finance from Fleximize
A number of pubs and bars have chosen Fleximize as their finance provider, with the speed and flexibility of our business loans proving the ideal fit for publicans. Our funding solutions can be used for any purpose, from a major refurbishment to the installation of a new kitchen, and all come with flexible features as standard.
- Business loans of £5,000 – £500,000
- Unsecured and secured borrowing options
- Flexible repayment terms of 3 – 48 months
- Speedy application with minimal paperwork
- Approval and deposit in as little as 24 hours
- No hidden fees or early-repayment penalties
- Interest charged on a reducing balance, not the total loan amount
- Repayment holidays and top-ups available with all loans
- Exclusive discounts on industry-leading business services
Apply for pub finance
After applying for funding, one of our relationship managers will work closely with you to make sure that your finance arrangement aligns with the needs of your pub or bar.
Our flexibility means we will try and look beyond your credit history when assessing your application, instead considering whether your business has the potential to deliver strong and sustained growth.
If you require some additional information about our pub finance options, we’d be happy to chat. Just give us a call on 0207 1000 110 or click the button below. We look forward to helping your pub business grow.