A Buckinghamshire public house is one of the first businesses in the country to benefit from the Barclays Cashback Finance Scheme.
The Gate Inn at Bryants Bottom recently completed a commercial mortgage with Barclays which met the criteria for the Bank's scheme and received a cheque for £10,700.
The pub has recently had a change in ownership with the new owners intending to upgrade the pub to offer home cooked 'pub grub' in a child-friendly environment. At the same time, they want to maintain the pub's traditional English feel offering a wide range of cask ales. The pub benefits from ten acres of woodland with glorious views over the Chilterns.
The pub will be managed by Wendy White and Graham Putnam, who are also shareholders in the business, and who have a wealth of experience in the pub trade. Commenting on the scheme, Wendy White said: "It's good to see the Government offering a helping hand to businesses. Start-ups in particular need all the support they can get whether that's financial or on an advice basis. This is a step in the right direction and the Barclays scheme has certainly helped us with the start-up costs of the business."
Mike Locke, Manager, Business Banking at Barclays in Buckinghamshire said: "Our Cashback Finance Scheme is part of the National Loan Guarantee Scheme (NLGS) launched by the Chancellor last week. By giving our customers the full benefit of the NLGS on day one, they receive a lump sum of cash which they can put to use immediately to grow their business. We think this is more useful than drip feeding the value over the lifetime of a loan.
"For the Gate Inn, this has meant that they've had an upfront cash injection which has helped towards the purchase and renovation costs of the pub. The new owners have some good ideas for the business and I look forward to seeing them develop over the coming months."
The Barclays Cashback Finance Scheme