Outside CycleStreet

Cycle shop owner secures funding from Together

Together has provided a £227,000 cash injection to the owner of a cycle shop.

Jon Dean – the owner of CycleStreet in Layerthorpe, York (pictured above, centre) – required the funding to repay a current commercial mortgage with a high street bank, saving him thousands of pounds in interest charges a month.

The funding also allowed him to repay a number of high-interest business loans that he had taken out while setting up his shop, which was launched eight years ago.

Jon – who also owns a property management company – said that refinancing through Together would safeguard the business’s future and drive growth.

He claimed that he had struggled to get the loan he needed from a mainstream bank because of the way his two companies were structured and was beginning to feel that it wasn’t going to be possible.

“However, I was introduced to Together, who agreed a finance package that meant we could clear our existing mortgage with the bank and improve our cash flow. 

“We’re now 10% up on our business forecasts and looking to build even further in the long term, so everything’s heading in the right direction.”

Charlotte Davison from BTG Advisory (left), a division of Begbies Traynor Group PLC – which helps Yorkshire businesses to find alternative funding for expansion, working capital or new equipment – introduced the deal.

Following careful consideration of his situation, Together agreed to provide the finance for Bitpoint Ltd – Jon’s property company – with the 15-year loan secured against the bike shop premises.

Barry Dillon, regional development director for Yorkshire at Together (right), said that this was a particularly complicated case, which involved refinancing the customer’s original loan away from the high street bank to free up working capital for Jon to take his business to the next stage.

“We were pleased to provide the loan after visiting CycleStreet and seeing what a popular business it is with the cycling-mad public in York, North and East Yorkshire. 

“It will save him thousands in the short term and put the business on a firm footing, allowing for expansion in the future.”

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