£400,000 Fit-Out Of New Start Gym

Asset Advantage and Broker Partner Absolute Business Finance worked together to facilitate the fit-out of a new start gym.

Jack Thompson, Managing Director at Absolute Business Finance brought this deal to Asset Advantage.

Jack's client had waited two years for the perfect gym franchise opportunity to come up. He is an astute business man, and passionate about health and fitness. However, as he had no prior experience of running a gym, he partnered with a popular gym franchise to ensure any gaps were plugged that his expertise alone couldn't fill.

Then the wait began to find the right site in the right location. Fundamental to his plan was to have the premises close to home, to enable him to have a hands-on approach to management.

When a suitable premises became available, it required a full fit-out - comprising not just gym equipment, but flooring and air conditioning too. In looking at all the moving parts in the deal, and wide mix of assets, Jack felt that Asset Advantage were likely to be the only funder who would consider the entire deal as one project.

£400,000 delivered as a blend of loan and finance lease on a 5 year term. The payout was split into 6 tranches, to facilitate payment to suppliers as the project progressed.

Jack said: "Asset Advantage was the obvious choice for this deal. No one else would come in at that amount on a 5 year term. That really helps the customer manage their cash flow better. In terms of working with Asset Advantage, Vicky has been fantastic. A fit-out is one of the most complicated deals you can do, and it requires a lot of work to manage all the moving parts."