A SPECIALIST drinks retailer in Glasgow has told The National how he and his business partner opted to use a “disruptive” source of funding when they wanted to expand rather than use a traditional bank.
The Good Spirits Co was founded in 2011 and has added to its first shop in Bath Street others in West Nile Street as well as Clarence Drive in the West End.
Co-founder Shane Goodbody, who runs the operation with Matthew McFadyen, said they were always on the lookout for interesting new drinks to sell and when they were looking to expand they chose Funding Circle to help finance it.
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“We set up the business initially with some of our own money and some loans from family and then we got the opportunity to open a second shop,” he said.
“That’s when we decided to go to Funding Circle because our experience with the banks was that it just wasn’t worth the effort, because it took so long and was very expensive.
“Funding Circle were very easy to deal with and the loan was approved in a matter of days, it all went very smoothly.”
Goodbody said they identified a niche in the market when he and McFadyen were managers with the Oddbins chain.
“There are plenty of shops in Glasgow selling drink, but there’s not very many specialists and not nearly as many as there are in Edinburgh, for instance,” he said.
“Whisky is our main thing – Springbank whisky which is not stocked in any supermarkets. There’s a huge demand for it and it’s one of the major brands we sell. “
Funding Circle has been taking a roadshow around the country – including one in Glasgow – with small business support provider Enterprise Nation, explaining what they can offer smaller enterprises.
Natasha Jones, head of communications at Funding Circle, said: “Businesses like The Good Spirits Co are the lifeblood of our local economies and have been key drivers of job creation since the 2008 crisis. Despite this valuable output, they continue to struggle with an unfair and broken financial system.”
Emma Jones, founder of Enterprise Nation said: “Finding funding at the right moment is critical for any business, however finding the right source of finance is harder than ever.”
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