ASC Success Story
Our compliments to the chef!
When Justin Cracknell identified a closed pub that he wished to buy for his business and needed a commercial mortgage he spoke to his IFA Paul Crawley who immediately referred him to Stephen Colley at ASC.
The pub he was looking at (then known as the Red Lion Pub) was well known in the Chelmsford area but had been closed for some time. However Justin felt the position was ideal and he had a vision of what he wanted to do. Having trained as a chef, he planned to acquire the Red Lion Pub to use it as the hub for his catering business, Limeberry Catering Ltd, but was also keen to use the retail part of the premises to set up a café by day with a high class restaurant for the evenings. Therefore the premises ticked all the boxes for him.
Stephen set about discussing the transaction through a number of lending partners within the ASC group lending panel and found a bank that bought in to the client’s vision. Timing was an issue in that there was a degree of competition on the property but within a short space of time we managed to place the deal at a competitive price on a 70% LTV with a 25 year repayment term. Our client completed on the purchase and carried out a complete refurbishment, still respecting its heritage, to transform it into a chic restaurant and lounge with a state of the art kitchen. The New London successfully opened its doors on 22nd October 2013. Stephen was pleased to attend the opening of the newly named “The New London” to see the hard work that had taken place.
Justin commented that he was delighted with his dealings with ASC Essex in that they showed great professionalism and confidence in getting the deal completed.
The New London restaurant and lounge is open all day for lunch, cocktails and dinner. Visit the website or call 01245 266288 for further information.
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