Recommendation from George – Pub & Hotel Multiple Operator

I would not hesitate in recommending Acorn Commercial Finance as they not only find the finance for the purchase of a business or refinancing a current one, they offer a complete service from gathering information for the application form and accompanying you through the lender’s interview to going through the offer letter and beyond. Their service does not stop when the offer letter is signed, they continue to be involved keeping in touch with my solicitor, the lender’s solicitor and any other parties to ensure that the transaction reaches completion and keeps me informed every step of the way.
Since working with Tom and Paul, I feel that I have control and am confident that any application which is made will continue to be 100% successful.

Geoff - Long term – repeat client – Hotel & Pub Multiple Operator

As a successful developer of businesses, I have been working with Acorn Commercial Finance for four years. In my market, time is always of the essence, if I see an opportunity I need to be able to react quickly and know that the backup is there.

Acorn have consistently come up with the best terms and products available quickly and efficiently. This allows me to concentrate on my own business needs.

Having personal contacts within Acorn means that I can always discuss my needs with someone who understands my business requirements. This allows us to explore new possibilities and options.

I can strongly recommend their services as they do exactly what they say they will do and arrange everything, leaving me free to continue running my business and doing what I do best.

One off – retail purchase

Mr Saddiq, from an early age had dreamed of running his own successful business, having learnt the ropes from his father’s business in retail.
Having identified a suitable “convenience store” outlet in the North West, he set about trying to obtain the necessary funding and guidance to purchase his dream business.
Regrettably after nearly two months of trying, none of the major high street lenders were interested in his proposition, indeed the best and only offer received was for an advance against the bricks and mortar value only, which in itself was significantly short of the amount needed to make the purchase.
Almost at the point of despair he called Acorn who were successful in re-presenting the case and then negotiating finance with a major lending source.
“He was obviously committed to the purchase of a business but had received some very inappropriate advice. we could see the potential of the business and the individual and were confident of being able to raise sufficient finance.”.
The lender approved the loan within 21 days of the initial meeting with Acorn and was able to advance 75% of the market value of the business. In addition, they provided an overdraft facility to assist with purchase of the stock which took the loan up to 83% of valuation which was enough to secure the business.
We worked with the solicitors to ensure a timely completion.

Freehold pub purchase for sitting tenants

When the large pub companies began selling their freeholds off in 2009 Acorn were at the forefront of financing the sitting tenants. With years of experience of exactly this type of transaction the team at Acorn understood the concepts and requirements to arrange high loan ratios for those who had less deposit than the major banks required.
One example of this is a well known pub/restaurant in the South East.
Janet and Peter have been running The Rose for over three years and have a mix long standing experience in the sector, coupled with well developed business and management skills. The pub itself dates from around the 16th century and has expanded to offer food under the new owners’ management.
Commenting on the purchase of The Rose, Janet said: “When the opportunity arose to buy the pub from Punch Taverns, Peter and I knew it was the right move for us to make. In the three years that we have been here we have transformed the pub from as under performing business as a themed bar for young people to a successful pub and restaurant for all the local community to enjoy.
“Our broker, Paul Thompson and the team at Acorn Commercial Finance really impressed us with the support and the time they have taken to really get to know us, our business and financial needs. Acorn was committed to doing everything in its power to help us do just that, enabling us to put this agreement in place in a very timely manner.”

From pub regular to pub owner – in just three weeks

Many men have fantasised about owning their local. But Matt Pitt went one better – he decided to buy his.

With partner Vicky Johnson he secured backing from one of the big banks, because the pub was already their client it was a simple task. The couple thought their dream of running their own pub was about to become a reality. They were promised agreement within 4 weeks, a loan term of 30 years and a repayment holiday.

Then the nightmare began.

In the six long weeks after originally agreeing a loan for £290,000, all the bank had done was reduce that figure to £211,000. Matt and Vicky had to beg for funds from their family to make up the extra deposit. The payment holiday was forgotten and the term halved to 15 years.

Yet still the bank dragged its feet. The seller of the pub, a good friend of Matt’s, feared that the deal would collapse. It certainly seemed there was little chance of the sale being sorted by the agreed date – and the seller had paid to go on holiday the week after.

In frustration, Vicky did some research and found Acorn. She rang and explained the situation. “We’d given up hope on getting the pub but speaking to Paul saved the dream. Acorn’s expertise on the phone and meeting Paul the next day answered all our questions and got us back on track” said Vicky.
Realising that time was short; Acorn arranged a meeting the next day. Two working days later the valuation was done. The deal was back on track.
“This appeared to me to be a straightforward case,” said Paul Thomson, a partner at Acorn.

“The price agreed for the pub appeared very reasonable, Matt and Vicky had some trade experience, great family back-up and a lot of ideas and enthusiasm for the pub. I could so no reason at all for the other bank to be taking so long to agree the finance.”

As soon as Paul received the valuers’ report he emailed it direct to the bank’s underwriter. Only 11 days after the first phone call to Acorn, the loan was agreed, and the sale is now in solicitors hands ready to complete. Matt commented “Acorn gave 110% effort from day 1, any questions we had were answered on the phone straight away and we never doubted that this time we would be successful in buying the pub”.