From mill to millefeuille
When Philippe approached Armada to see if we would support his new venture, a true French styled bakery, he had not completely thought through his business plan. This might have accounted for the times he was turned down for credit by other lenders.
We suggested he looked at how other artisan bakers in the UK had established niches that might help him to firm up his ideas.
After visiting Richard Bertinet’s businesses in Bath, where he has 2 shops and a cookery school and also seeing the Town Mill Bakery operation in Lyme Regis, where you can eat while watching the bakers working, Philippe returned much more focused.
We also addressed the issue of Philippe’s lack of security for a significant proposal to purchase bakery plant, security equipment and blinds and signage. We suggested that finding a suitable guarantor for the asset finance agreement was the best route to secure the support he needed.
Six months later Philippe had found ideal premises, fitted them out and was already impressing the locals with his French styled bread and pastries.
Fortunately Philippe’s in-laws were happy to guarantee his agreement with Armada. He is now looking at the wisdom of starting a school to teach the basic arts of French patisserie.
How delighted are we to have supported another quality, artisan business from start-up to success.