When a budding entrepreneur from Hastings found out that his boss was planning to retire and sell the business, he took the matter into his own hands and bought the company himself.
Tim Olorunda, 28, is an experienced plumbing and heating engineer and had always harboured the hope that one day he would run his own business. Needing to raise some funds to help with the takeover of Better Plumbing & Heating Co (www.better-plumbing.co.uk), Tim decided to apply for a Start-Up Loan.
Start-Up Loans for Young People is a government run initiative open to anyone aged 18 to 30 who is looking to launch their own business. The scheme provides expert business mentoring support and access to low cost funding.
The Let’s Do Business Group, who administers the scheme in the South East, approved the application and granted him a £9,500 loan. Tim used the loan to purchase the company name, tools, office equipment and existing client details.
Tim said: “When my boss told me he was planning on selling the company I didn’t want to see the values of his family business lost if it was bought by an established plumbing company.
“The Let’s Do Business Group have been supportive from day one and were a great help when it came to writing my business plan.”
Better Plumbing & Heating serve Hastings and the surrounding area and pride themselves on excellent customer service and competitive pricing.
Graham Marley, Chief Executive of the Let’s Do Business Group, said:
“The Start-Up scheme has helped over 6,800 businesses in the UK lending over £40 million to enthusiastic young people who have a feasible business idea but without access to finance.”
For more information visit www.letsdobusinessgroup.co.uk/startup, call the Start-Up Loan Hotline on 0844 9432988 or email firstname.lastname@example.org and ask for an information pack.