Hospitality Today Summer 2018 (#39) - Page 12

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