Funding helps Burscough entrepreneur launch property project
Burscough-based entrepreneur Jason Hughes has been able to launch a new venture thanks to funding supplied by Reward Finance Group.
Jason owns Kart World in Burscough, and also retails cars and motorbikes. With the short-term business finance loan he has now purchased a derelict pub which he plans to demolish and replace with a residential development.
Planning has already been granted for the scheme and the site will be split into three plots. Two of the plots have already been sold off plan, which will pay for the cost of the development, with Jason keeping the third plot for himself.
He said: “I once owned the pub but sadly the new owner was unable to maintain it as a going concern and closed it five years ago. He recently applied for, and was granted, planning permission to knock it down and build eight houses.
"When I heard that he was retiring and selling off his assets I leapt at the opportunity to buy it back knowing that it had already been given the go ahead to change it from commercial to residential use. I reduced the number of units on the plot to build three much larger houses, as I wanted one of them for myself."
Mike Calvert, business development director for Reward in the North West, added: "Jason is a well-known entrepreneur in the area with a number of successful businesses.
"He is a shrewd operator and we quickly recognised his strategy to build and sell two homes which would, in effect, completely fund the third for himself. With the right security in place, we had no hesitation in turning around the funds in a few days so he could grab the opportunity."
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