12
| Hospitality
| Summer 2018
FINANCE
– CASE Today
STUDY
Cornish country
hotel expands to
the harbourside
Access to finance can be vital for small
businesses to grow – but is often the
constraining factor, as (unlike large
companies), it can be very difficult – if
not impossible – for small businesses
to obtain finance. According to the
Federation of Small Businesses (FSB),
“Small businesses have struggled to
access finance from high street banks
since the credit crunch of 2008. Many
of our members have battled to find
investment to help grow and create
jobs”. In this issue we feature one
recent example as a case study.
For more than 15 years, hotelier Karen
Ridley has owned and run a popular
small country hotel/B&B in Corwall.
The Snooty Fox, near Looe, is well known
for its peaceful, rural setting and excellent
breakfasts. Over the years, finance
specialists Ignition has helped
to support the business by providing
finance for general refurbishments,
fit-out and equipment.
Having enjoyed success with the Snooty
Fox, Karen and her family recently set their
hearts on a second venture, taking over the
lease of the Harbour Moon Inn in East Looe.
Sitting right on the harbour with stunning
views across the picturesque resort (below),
the Harbour Moon Inn certainly seemed a
viable business opportunity with plenty
of potential.
The Harbour Moon was in need of some
refurbishment and building works, as well
as updated kitchen equipment, but when
Karen approached her bank for a loan, they
were unwilling to help.
Karen comments: “I had an excellent track-
record, had put together a strong business