Planning ahead is key for attracting funding

Businesses seeking funding were urged to start planning early and engage with funders sooner rather than later at Lancashire Business View's Funding Summit.

The event, held at the Village Hotel Blackpool, brought together businesses seeking funding, funders and advisers involved in structuring deals.

Among the speakers was James Cole, founder of Chorley-based luxury cruise specialist Panache Cruises, who shared the company's journey to surpassing £50m turnover and recording EBITDA of more than £1m.

James told delegates that a chance sighting of a Rosebud funding support advert in Lancashire Business View helped set the business on its growth trajectory.

He said: "Everything has got to start with a plan. Think as long term as you can and understand where you are taking your business.

"Start conversations about funding early because it always takes longer than you think. Maybe ask for a little more than you think you need and make sure you get robust advice on how to present your plans.

"Speak to as many people as you can."

James appeared on a panel alongside Jack Mellor, managing director of Blackburn-based Personnel Checks, who discussed the company's first acquisition, completed in February.

Jack said: "I wanted to push the business forward and felt we had exhausted a number of options in the toolbox in front of us.

"What surprised me about funding was the number of options available."

He also stressed the importance of building strong relationships with funders.

Rachel Williams, of Nelson skincare brand Albus & Flora, and Derry Green, founder of Skelmersdale-based Secret Garden Glamping, shared their funding journeys and experiences of appearing on Dragons' Den.

Joe O'Connor of FW Capital highlighted the range of support available to Lancashire businesses and challenged some of the misconceptions that can prevent firms from seeking finance.

He said: "Businesses often tell themselves they are not ready, not good enough or that they cannot afford to take funding on.

"But there is an abundance of support available. The important thing is to have those conversations because there are funders who want to back good businesses with strong ambitions."

John Gray of River Capital also encouraged SMEs to engage with funders at an early stage.

He said: "We will spend time talking about your ideas.

"We work closely with high street banks, understand the products available in the market and can often identify better solutions.

"It might not result in a loan from us, but if it helps an SME grow, that's the right outcome."

Ben Smith, of Kingsley Asset Finance, Martin Emmott, fund manager at Rosebud, and Steve Bell, of Pierce Business Advisory and Accountancy Group, also discussed the evolving funding landscape.

Martin told delegates that businesses need a clear vision of where they want to be in five years' time.

"The journey from A to B is rarely a straight line," he said. "It's about getting where you want to be and Rosebud will support businesses on that journey."

Steve urged business owners to trust their advisers throughout the funding process.

He said: "Your advisers, funders and lawyers have been through the process before, so trust them."

Ben echoed those comments, warning that some businesses approach lenders that are not the right fit.

He said: "There is more choice than ever in the market, which drives competition.

"But with so many options available, leaning on your accountants and advisers can help ensure you are speaking to the right funders at the right stage."

The event was held in association with Kingsley Asset Finance, Pierce Business Advisory and Accountancy Group and Rosebud, which is celebrating 40 years of supporting Lancashire businesses. It was supported by River Capital and FW Capital.

A full report from the Funding Summit will appear in the July/August edition of Lancashire Business View