An iconic Street venue has received a six- figure funding boost to support its reopening.
In 2021, following a period of enforced closure caused by the pandemic, The Loft restaurant was taken over by Mark Tobin.
The building, which has a long and colourful history, was originally a theatre and Mark has taken extra care to integrate its historic characteristics with the new refurbishment to create an opulent dining experience.
Whilst a family-friendly vibe is a crucial element of the venue, upstairs in the eaves of the building can be found Street’s only dedicated cocktail and prosecco lounge, Marion’s Bar.
The Loft currently employs 10 people who are all local to the restaurant, with employment expected to rise to 15 over the next year.
The business was referred to SWIG Finance by Kai Pinnell, Business Development Manager at South West Business Finance (SWBF).
The loan was backed by British Business Bank’s Recovery Loan Scheme and supported by Triodos Bank.
The Loft owner Mark Tobin said “The pandemic affected business dramatically. Without the safety net of SWIG funding my restaurant would have already opened and closed – I would not be in business without this help and support. SWIG Finance were phenomenal, my business manager Nicola provided help and advice every step of the way.”
SWIG Finance’s Senior Business Manager Nicola Parker commented “Mark has a great deal of experience in this industry, and because he knows this venue particularly well, he is perfectly positioned to lead the relaunch of this exciting restaurant. For over a century, this venue has played an important role within its local community, and we are delighted to play a small part in helping to bring it back to life again for all to enjoy.”
About SWIG Finance
SWIG Finance is a non-profit company which supports viable Southwest businesses that can’t secure sufficient funding from their bank. By empowering underserved SMEs to overcome their financial barriers, we are working to create a more balanced financial eco-system.
We’re growing every year. In 2021/22, we lent £10.8m to 502 businesses, helping to create and secure over 1,000 jobs and generate £32.3m. For more information visit www.swigfinance.co.uk.
If you’d like an informal chat about your funding requirements, get in touch with our friendly and professional team to see how we can help: firstname.lastname@example.org / 01872 227 930.Legal Notice: The Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit https://www.british-business-bank.co.uk/finance-hub/recovery-loan-scheme/