£100,000 BFS loan brings Sip to West Didsbury
A new specialist independent bar and wine shop is set to launch in Didsbury this month, using a £100k loan from Business Finance Solutions (BFS), a lending partner of the Greater Manchester Combined Authority.
Opening on Burton Road in West Didsbury this month, Sip will offer a range of over 30 hand selected wines, complemented by a fresh and locally sourced menu.
With over 25 years’ experience in the restaurant and wine business, Sip owner and Didsbury resident Nick Yates has created a hybrid business that will make top quality wines affordable in a wine bar environment. Sip features an Enomatic wine dispensing system which will allow customers to try before they buy, offering small samples of top quality wines and a large by-the-glass range to enjoy in the wine bar or at takeout prices to take home.
Creating ten new full and part time jobs Sip will feature a website for online ordering and free local wine delivery. The wholesale arm of the business will sell direct to corporate and restaurant clients and Nick also plans to run in-store wine education events and gourmet food and wine tastings.
Nick says: “Securing the funding from BFS enabled us to refit our premises and to invest in technology like the wine dispensing system that will help to build Sip’s reputation as a real destination venue. Their support has also meant that we could fast track other valuable revenue generating streams including our online wholesale arm, enabling us to establish a presence in the market before we’ve even opened our doors.
“Having worked with restaurants and retailers all over the UK, when it came to creating my own business I wanted to combine the range and specialism of traditional wine shops with the relaxed and welcoming environment of a bar. We want to make exploring and enjoying wine a richer and more relaxed experience as well as delivering an interactive retail experience that offers information and inspiration for a night out or an evening in.”
Roger Seddon, Head of Lending at BFS, said: “Our business loans offer a great way to access both the funding to help start up your dream business and the practical knowledge and expertise that our business advisors provide.
“Nick has an impeccable history in the trade and this new hybrid concept, already increasingly popular in London and across Europe, is being hailed as the future of independent wine retailing, something that we look forward to seeing find a place in Didsbury’s thriving bar and restaurant scene.”
BFS will see £15 million allocated to new start-ups across the North West over a two year period, creating around 3,000 new businesses and over 5,000 new jobs in the region. BFS is the finance arm of The Growth Company and supported by the GM Combined Authority and Greater Manchester Local Enterprise Partnership. BFS is a key alternative source of funding for businesses in Greater Manchester and has grown a comprehensive range of finance products from £500 through to £500k, with support on raising early stage equity through the Co Angel Investment Service of up to £2m. BFS currently manages over £100m of publically-backed small business investments across the UK.
Find out more about BFS finance at http://www.businessfinancesolutions.org.uk or by calling 0161 245 4737.