insideKENT Magazine Issue 96 - March 2020 | Page 172

BUSINESS
LIBERIS FINANCE CASE STUDY: BOBBY GORDON, FELLA
Funding to get a-Head
AFTER YEARS OF WORKING IN A BARBERSHOP IN SOHO, LONDON, BUSINESS OWNER
BOBBY GORDON WAS READY FOR A CHANGE. HE WANTED TO TAKE HIS EXPERIENCE
AND DO SOMETHING NEW WITH IT; AND SO, 10 YEARS AGO, HE TOOK ON A RUNDOWN
BARBERSHOP IN CANTERBURY AND OPENED FELLA.
“I saw a gap in the market with the Canterbury
shop,” says Bobby. “It’s a student town so there’s
plenty of demand. I used what was successful in
London and replicated into the Canterbury market.
When we opened, I did it alone for one and a half
years before taking on more staff.”
It wasn’t long until – in Bobby’s words – “the
barbering scene blew up”, and indeed barbers
are now one of the four fastest growing retail
categories. Word of Fella spread through the area
fast and so the business grew accordingly, with more
customers demanding additional staff – and more
chairs. But in order to fuel the business’ growth,
Bobby required funding.
Bobby had interest from investors, but was reticent
to lose any control of the business. He also wanted
a lower-risk funding solution, and therefore looked
into options outside of the traditional banks.
“We were looking to expand and add new chairs to
the shop. We spoke to Liberis Finance about their
flexible funding solutions and took out our first
Business Cash Advance in 2015. It was incredibly
helpful from the start and convenient, with payments
made as a percentage of our card takings,” he says.
“The extra funding meant we could flip the shop
over and refit it entirely – whilst only paying it off
as our customers paid us. We managed to fit another
chair into the shop and, as soon as we had that,
things started to get really busy.”
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Besides the additional funding, Bobby puts his
business’ success down to the use of social media
and the engagement of his customers: “We’ve had
a great deal of support via word of mouth and getting
involved in the local community. The area has
changed dramatically in the last few years, and there
are now many independent businesses too. We all
want to see each other to succeed, especially along
these coastal towns.
“Me and two friends of mine even set up a magazine
to share news about all the cool things going on in
our area. I’ve got the small business connections and
they’ve got the knowhow about the media publishing
industry. It’s great for marketing the barbershop and
getting involved with nearby shoots.”
Following the brand’s success in Canterbury, Bobby
decided to open a second barbershop in Folkestone;
and later, a weekend popup in Margate. He provides
training to apprentices, as part of his staffing plan,
and so also required funding to take them on full
time. There are now five full time barbers in
Canterbury and three in Folkestone. Pleased with
the smooth payment process and speedy access to
funding, he chose to return to Liberis Finance when
looking to fund his ideas:
“I like that fact that I can get the money quickly and
within about six months it’s all paid off. That’s the
winning ticket for me. And because money often
comes in dribs and drabs, paying as a percentage of
our takings means we don’t even notice the payments
going out,” says Bobby. “It’s helped us massively.
From my personal experience, I couldn’t recommend
it enough.”
Bobby and his team have just completed the
basement refurbishment for the Folkestone shop,
kitting it out for wedding packages and private
bookings. But what’s next?
“Ultimately we’re just riding the wave whilst things
are going good,” he says. “But, speaking with some
old colleagues of mine, I have ideas for a London
branch and potentially franchising the business
further down the line. We’ll need to get the funds
together to make any of this happen, so we may
need Liberis’ help again soon!”
Liberis Finance is a leading alternative finance provider that
has helped more than 12,500 small businesses across the UK
with over £370m in funding. Through its simpler, smarter
solution, the Business Cash Advance, it has also enabled the
creation of more than 82,000 jobs in the UK. Liberis Finance
is supported by British Business Investments – the commercial
arm of the British Business Bank – and is backed by Blenheim
Chalcot, the UK’s leading venture builder.
www.liberis.co.uk