Why did you first approach Got Capital for financing?
I opened my first shop in 2013. I expanded through that year and the next until I had five shops. But then the market changed and I began making heavy losses.
As 2015 went on, I was forced to close my stores one by one, until I was back to that one store. I was struggling to run my business, I had a large overdraft in my bank and couldn’t even pay £1,000 towards it. I was desperate for cash flow to give me the control to put the business back on the right track.
How did you approach Got Capital?
I was researching financing options online and came across Got Capital. They have an online application form, so I filled that in. Shortly after, they got back to me. I talked one-on-one with a member of their team, who listened carefully to my situation. After further assessment, they agreed to lend me an initial £7,500.
What difference did that first loan make to your business?
It made a transformative difference. I was very lucky, because I received that money in April 2016, which is a peak time for sales in the business. I cleared my overdraft in the bank, which built up my credit score.
I was able to buy more products, as, at that time, my stock levels were very low, and it freed me to shape my range to the local area, which receives a lot of tourists. I then cut my expenses and started working as hard as I could, from 8am to 8pm, to get the business running successfully again. Quickly, my turnover started to improve.
At the start, I was bringing in £4,000 per week. After the first month, it was £7,000. The next month it became £8,000. Then after that, £14,000.
How did Got Capital help you expand your business?
As my business got back on its feet, I wanted to expand. Whenever I needed extra funding, I’d talk to the same member of staff as before. At first, I needed to extend my credit limit to £20,000. Then I really needed £30,000. We showed them the progress we’d made so far, and convinced them to extend the credit line.
In 2017, thanks to funding from Got Capital, I opened a second store. This means I’ve gone from
having one struggling business with a monthly turnover of £15,000, to two thriving businesses grossing close to £200,000 a month, backed by a flexible credit line from Got Capital of £150,000.
What are your plans for the future?
At the end of this month, I will hopefully get the keys for my third shop. I will continue to look for new products to set my stores apart from the competition. With support from Got Capital, my business is stronger than ever before.
If you’re interested in working with Got Capital, call the RN team on 020 7689 3355