A South Devon shoe shop has received a £120k funding boost from SWIG Finance.
The loan has helped husband and wife team, Steve and Sarah Ryrie to take over White and Son Shoes in Fore street, Sidmouth and revamp the enterprise following a period of enforced closure.
The funding was made available by SWIG Finance through the combination of a CBILS- backed loan and a Start Up Loan.
Steve brings extensive experience to the role, having worked within the footwear wholesale and retail sector for more than 20 years, during which he worked with White and Son Shoes and got to know its owners and customers very well.
According to Steve, the opportunity to buy the existing business presented itself at just the right time, and while he and Sarah are commencing their journey at a time when many other businesses are exiting the high street, the couple could not be more excited about their new venture.
The shop stocks more than 20 brands of shoes for men and for women, and there are plans to establish an e-commerce shop to take their customer range far beyond the bounds of South Devon.
Through purchasing this long- established business, Steve and Sarah have helped to secure 4 local jobs, as well as create 1 new role, with further opportunities likely to be created in the future.
Steve commented “High street lenders liked our plans and our numbers, but they were not forthcoming with funding, and so we were recommended to approach SWIG Finance. I had a really good experience with SWIG, the process was easy and seamless. Our account manager Jordan created a positive experience from start to finish. We were impressed with SWIG’s mindset for supporting local trade.”
Jordan Berg at SWIG Finance said “It was a pleasure to be able to support Steve and Sarah’s new business venture, and Sidmouth’s town centre retail sector. It’s been a tough year for brick-and-mortar retailers, Sarah and Steve’s enthusiasm to enter the market at this time has been refreshing. We wish them all the best!”.
About SWIG Finance
SWIG Finance is the South West’s leading Community Development Financial Institution. We are passionate about bringing social and economic benefits to people and places in the South West.
We do this by providing support and finance to Start Ups and growing SMEs that can create and secure employment opportunities.
As the South West’s leading delivery partner for Start Up Loans UK, we can provide Start Up Loans from £500 – £25,000. For more information visit https://www.swigfinance.co.uk/start-up-loans/
We also have loans from £25,000 to £250,000 available to South West SMEs who cannot access sufficient funding from their bank https://www.swigfinance.co.uk/business-loans/
For an informal discussion about your funding requirements, get in touch with our friendly and professional team to find out how we can help: info@swigfinance.co.uk / 01872 227 932.