Devon-based executive chef, Paul Hegley, has acquired an established and well-loved restaurant, thanks to £105k in funding delivered by SWIG Finance. Buying an already established restaurant is what many people dream of and for Paul, that’s exactly what he did thanks to a funding package from the British Business Bank.
Previously Wild Artichoke, owned and run by celebrity chef Jane Baxter, Paul rebranded the restaurant to what is now known as VERSE in Kingsbridge in South Devon, which he runs with his wife Hayley.
Keeping the same high-quality local produce and exceptional service but with a twist, the entire restaurant enjoys a tasting style menu, with drinks served from 6pm and the first course arriving around 7.30pm, with pudding finishing around 9.30pm, allowing each guest enough time to enjoy the dining experience.
The funding for the buy-out consisted of an £80k business loan from the British Business Bank’s South West Investment Fund and £25k from the Bank’s Start Up Loans programme, both via SWIG Finance.
SWIG Finance is one of the Bank’s fund managers appointed to deliver the £200m South West Investment Fund and its Business Support Partner in the South West. Last year it delivered £8 million in Start Up Loan funding to more than 400 businesses across the region.
Paul has big plans for VERSE, as well as the day-to-day restaurant dining, he has crafted the business into three models: the restaurant itself, VERSE Hampers for collaboration with hotel and holiday-home providers and VERSE Events, a series of pop-ups, supper clubs and private dining.
The investment helped safeguard several hospitality jobs across kitchen and front of house roles, with a total of twelve employees across the business.
Paul, previously an Executive Chef at the Ocean Cove Group in Devon says: “The loans were essential for the business acquisition, I wouldn’t have been able to build all the things we have planned for VERSE now, without them. The process was straightforward and I’m so grateful to Jim and Jules, and the team at SWIG”
SWIG’s Start Up Loans Officer, Jules Burton supported Paul with his Start Up Loan application, and SWIG Finance Business Manager, Jim McLaren, delivered the business loan from the South West Investment Fund.
Jim said: “With Paul’s years of Executive Chef experience, it was a really exciting opportunity for him to be able to buy a restaurant and make it his own. The brand expansion into hampers and private dining events also felt fresh and an exciting prospect to grow the brand beyond the restaurant scope.”
Lizzy Upton, Senior Investment Manager at the British Business Bank, said: “The South West Investment Fund is helping ambitious entrepreneurs across the region access the finance they need to start and grow their businesses. By combining support from SWIF and the Bank’s Start Up Loans programme, Paul and Hayley have been able to turn their vision into reality, safeguarding jobs and supporting the local hospitality economy.”
The purpose of the South West Investment Fund is to drive sustainable economic growth by supporting new and growing businesses across the South West. It offers loans from £25,000 right up to equity investments of £5m, providing funds to firms that might otherwise not receive investment and helping to break down barriers in access to finance.
Start Up Loans offers personal loans of up to £25,000 per director at a fixed rate of interest and free mentoring to help anyone start or grow a new or early-stage business.
Find out more about VERSE at www.versekingsbridge.com, and about SWIG Finance at www.swigfinance.co.uk.
