A craft beer aficionado has turned his hobby into a business by launching his own craft beer.
The customer converted his garage into a mini brewery. He is making a conscious choice to diversify and hopefully increase his family income by creating a small brewery, he has done proof of concept recipes and sales for over the last couple of years.
He won’t need to leave his current job and has no plans to, he only needs to brew twice per week on this equipment (which isn’t an uncommon amount, very few breweries actually brew more than 4 times per week) and employ a skeleton staff for taproom openings on a weekend.
Why Hire Purchase?
Hire Purchase gives the customer the option of owning the equipment at the end of the 5 year term. Vat deferral is not an option with Hire Purchase, and the customer was happy to pay VAT upfront.
The customer wanted to borrow the £78k for the full cost of the equipment so he has more than enough working capital for intangible costs with a good safety net buffer left in the bank.
Why Asset Advantage?
This deal came to Asset Advantage from an experienced broker. He knew that Asset Advantage would consider the full picture of the new start business.