Freedom Day – back to ‘normal’ for business?
As Freedom Day dawned earlier this week, there is little doubt that businesses are desperate to return to profitability after 18 months of closure and restrictions. With most legal coronavirus restrictions in England ending at one minute past midnight on 19 July, we are being encouraged to return to ‘normal’ as the Office for National Statistics (ONS) reports that people are still spending less than a third in the hospitality sector than they were before the pandemic.
Such is the concern for the sector that the business minister, Paul Scully, has also announced a ‘hospitality strategy’ scheme to help pubs, bars and restaurants return to profitability. It sets out measures to address recruitment challenges and ways to make it easier for these venues to offer al fresco dining on the high street.
hospitality strategy’ scheme
Pavement licences have been extended and made permanent, while you will still be able to get a takeaway pint for another 12 months. Other initiatives include exploring options for vocational skills and training supporting careers in the sector. The sector will also be encouraged to reduce emissions, cut waste and single-use plastic consumption, an area close to MT Finance’s heart (read here for details of how we’re giving £250 credit for green properties)
Just like the property market, the hospitality sector is incredibly important for the wider UK economy, comprising some 143,000 businesses and employing around 1.7 million people. Commercial funding can benefit hospitality businesses and beyond, helping them get back on their feet and meeting the challenges that lie ahead.
how MT Finance can help
There are many specialist finance options available for businesses, especially if you require flexibility, and who doesn’t in these uncertain times? The arrangement that best suits your business will depend on your particular circumstances, but for those with short-term requirements wanting to reboot their business until longer-term financing is sourced, a bridging loan could be the answer.
Bridging providers such as MT Finance can make a lending decision quickly so funds can often be released in less than two weeks. If you wish to buy new premises, purchase stock or raise additional capital to stimulate growth, we understand the time-sensitive nature of such ventures and will respond accordingly.
For example, in recent months we helped a client obtain funding to buy a French restaurant in Kensington, which also needed light refurbishment before opening. He was awaiting the sale of one of his overseas properties to fund the transaction but the sale was taking longer than expected – he only needed the funds until this property was sold, so short-term finance was suitable to ensure he didn’t miss out on this business opportunity.
get in touch
The past 18 months have been extremely challenging for businesses; MT Finance is committed to helping you through the next few months and beyond. With rates from 0.65 per cent and loans from £50,000 to £10m and terms from one to 24 months, we may well have the answer to your funding needs. Please get in touch for more information.