Working as a family for the future
I was really heartened recently to see a family, united and working together to create a new business and helping to create new jobs in Scotland.
Both Gavin and Kirsten, brother and sister, are in their 30s and living together in a property that their parents had helped them buy. Kirsten has spent years working in child care and Gavin is a successful accountant but ambitious and wanting a life away from general practise.
After months of research and family discussions the couple determined to set up a children’s play centre combined with a climbing wall.
With significant resources of their own, Gavin came to Armada and asked if we would support their venture by financing some of the assets needed to set up this operation.
Wisely he had created a limited company and included his parents as directors. Knowing it would be easier to obtain funding support by offering the guarantees of all the directors made the decision to help them almost a foregone conclusion. The business plan made sense, there was plenty of equity in their homes and Gavin is going to continue with his present job until the business is well established.
When Gavin approached us he had thoroughly done his homework. He knew about our significant background of helping new businesses get started, knew that we had a long history of investing in play centres and nurseries and knew that Armada is highly respected by the banking and finance industries.
The only item to discuss was what of the many assets needed to set up their play centre was Armada prepared to finance.
When we pointed out that on top of the obvious play equipment, climbing wall and catering equipment, we will always consider funding flooring, lighting, doors and partitioning and other ‘soft assets’, Gavin had to rework his plans and spreadsheet.
As Gavin said, “I didn’t realise just how far Armada would go in supporting new ventures. No wonder that your reputation brought us to you.”
Although it’s very early days, so far Kirsten and Gavin are delighted by the activity levels and the amount of repeat visitors they are attracting.