A £200k deal funded by Bathgate Business Finance has secured the launch of a new Asian-inspired 350-seat venue in Liverpool city centre.
Movement Group venue, Zenn Liverpool, which is situated in the Victoria Street area of the city, opened last month, after the five-year asset finance deal was arranged following a professional introduction.
Zenn Liverpool had already secured £2.5 million of capital investment, including contributions from shareholding directors and trade sponsors including Heineken and Bacardi. The final £200k was required to ensure work was completed to deadline, allowing the venue to open on 17 June.
Cat Roberts, group head of business development from Movement Group, said: “We faced a huge challenge with building supplies and project management for the opening of Zenn Liverpool in 2021 and in early 2022, with Covid-19 lockdowns and then subsequent materials shortages, which strained complex and intricate supply chains and caused problems in the project management time frame.
“Bathgate Business Finance was recommended to us by an associate and we found the company to be very knowledgeable of the hospitality sector. It has been a pleasure working with Paul and his team to find a finance solution that quickly met our business needs and allowed us to bring this fantastic new venue to Liverpool.”
Paul Trickett, BDM at Bathgate Business Finance, added: “We were delighted to work with the team at Movement Group to find a finance solution that enabled Zenn Liverpool to launch on deadline.
“Securing finance for hospitality venues, particularly new start-ups, in the current climate can be difficult, as currently traditional lenders have limited appetite or options for businesses in this sector.
“Projects also face project management challenges due to materials shortages and supply chain issues that can delay projects and stretch budgets.
“However, as our latest deal shows it is far from impossible. Bathgate remains committed to ensuring that hospitality clients are able to find solutions that suit the needs and growth ambitions of their businesses, even despite the challenging climate, through own-book lending or working with alternative finance providers.
“Zenn Liverpool is a fantastic addition to the city’s leisure and hospitality scene and we look forward to watching it go from strength to strength, with its unique proposition and the passionate and experienced team behind it.”
Pictured (L-R:) Gordon Andrews, Bathgate managing director; Paul Trickett, Bathgate BDM; Kevin Midgely, Movement Group director, Gavin Skeoch and Movement Group head chef