An events and marquee specialist has expansion covered after securing funding for a large addition to its range.
Savoir Faire, based in Marlow, Buckinghamshire, has just secured £100,000 of funding from Midlands-based Ludgate Finance towards the purchase of a giant 40m x 15m marquee which has the potential to double the company’s business over the next five years.
Ludgate Finance, which has offices in Birmingham, Coventry and Wolverhampton, stepped in to supply the funding after Savoir Faire were unable to secure the required funds through their bank.
The firm, which takes around 300 bookings a year, is now expected to be able to double that amount and has already landed its first major contract – a five year agreement to supply the marquee to Stoke Park, in Buckinghamshire, for the venue’s annual golf competition and Boodles Tennis Tournament.
Richard Hall, managing director at Savoir Faire, said: “This is now the biggest marquee in our range.
“Prior to this purchase we had the capacity to host events for around 400 people, but this new marquee provides the potential for further expansion to host up to 2,000 guests.
“We have a great relationship with our bank, but when it came to the crunch they were unable to support us.
“The company had reached the limit of expansion with the products we could offer, but fortunately Ludgate were able to step in and help with the funding, which now gives us room to grow.
“Without Ludgate this deal would not have happened, and we can’t thank them enough.
“The deal was also completed extremely quickly, which was vital to us, as the vast majority of our business is seasonal so it was important to get everything tied up before the summer months.”
Savoir Faire, which operates primarily in the Thames Valley, London and Buckinghamshire area, also offers access to services associated with marquee hire such as catering and entertainment.
Richard Mason, director of Ludgate Finance, said: “This is a situation we are seeing repeated up and down the country – businesses with good potential for expansion are simply not able to access the required investment through traditional sources.
“As banks continue to tighten their purse-strings it is important for business owners to realise there are other avenues of finance available – and that’s where expert advice from firms such as Ludgate becomes crucial.
“We are delighted that we were able to assist Savoir Faire and to see that the investment is already reaping rewards after the firm landed the Stoke Park contract.
“Savoir Faire provides a fantastic example of what can be achieved when a company is given the appropriate backing and we are sure they will continue to be a great success.”