A former sales manager from Newport has been helped to set up his own business – a fish and chip shop – after receiving investment support from the Welsh Government’s business start-up service through local provider, the Centre for Business.
The shop, based on Malpas Road, was already a thriving business and had been acquired as a going concern by Rehan Rasul in November 2013. However, a £15,000 investment received from the Start Up Loan Company as part of its Welsh business funding scheme – with Centre for Business as a delivery partner – provided Mr Rasul with the necessary investment to finalise the business’ refurbishment and rebranding, including a new name, Salt & Vinegar.
After 12 years working as a sales manager for a renewable energies company, Mr Rasul took the entrepreneurship leap and followed in his father’s footsteps by owning and operating his own fish and chip shop business.
Mr Rasul said: “It’s a fantastic feeling to be my own boss. My father had run a successful fish and chip shop before he retired and he’s over the moon to see me follow in those same footsteps.
“Whilst leaving the security of a full-time role was daunting at first, the support from Centre for Business, the investment from Start Up Loan Company, the bank and my family gave me the boost I needed and also the finances to acquire the business, as well as to make my own mark on it straight away.”
Mr Rasul had been working with the Centre for Business since December 2013 in relation to his Start Up Loan application. As Lloyds TSB had already extended Mr Rasul the mortgage to purchase the business and the property as freehold, the Start Up Loan would provide the capital needed to ensure that refurbishment works could continue and the relaunch of Salt & Vinegar could take place.
Mr Rasul continued: “Newport Council initially signposted me towards the Centre for Business when I was looking into the financial investment available to complete the Salt & Vinegar transformation. My advisor at the Centre for Business was great and guided me through the application process without any hassle. It was a great feeling when I got the call to say that my Start Up Loan had been approved and we could get things finalised.
“Since opening in January, we have had a fantastic reception from locals, who were familiar with the previous business, and we have been busy every day. Long may that continue.”
Start Up Loans, CEO, Tim Sawyer said; “We were delighted to help Rehan follow in his father’s footsteps. His business is a great example of the range of different start ups we are providing capital and support to. Everyone at Start Up loans is thrilled with the progress he has made so far, and we wish Rehan, and Salt and Vinegar, every success for the future.”
Salt & Vinegar is Mr Rasul’s first business venture and he hopes to purchase a second fish and chip shop within three years as part of his business plan to further expand the Salt & Vinegar chain.
“I’d love to open a chain of Salt & Vinegar shops across Newport but, for the moment, I’m concentrating on promoting my current shop to locals and want to make it the chippie of choice. Expansion is certainly part of the plan though.”
For more information about the Centre for Business and the Start Up Loan scheme in Wales visit www.centreforbusiness.co.uk.