Case study: Revive Joinery
We helped Revive Joinery get the loan they needed to open a new showroom and expand their workshop
Revive Joinery manufactures and sells hand-crafted, high-end furniture and fixtures. They specialise in turning sustainable materials into furniture made to an exceptional and unique standard.
Founded in 2014 by friends Jon and Ed, Revive was conceived in a pub — Jon and Ed both had a passion for carpentry and furniture-making which had been passed down through their families. They decided to quit their white-collar jobs to start their own workshop. The friends opened the first Revive workshop in Hove, then relocated to Brighton and latterly to Uckfield, where they still produce their sustainable furniture and fittings.
Revive wanted to open a shop in Lewes in East Sussex. The centre of Lewes is a popular shopping area and Jon and Ed saw an opportunity to display their hand-crafted furniture to a much bigger audience, grow their business and bring something totally new to Lewes.
They needed £40,000 to open their shop. Having approached banks for a loan, they were told that their trading history wasn’t long enough yet and so were declined — some banks wanted 5 years’ worth of accounts before considering Revive for a loan.
Jon found Funding Options through a simple internet search. The team at Revive weren’t sure what type of finance they were looking for and we called Jon within minutes of him making an initial enquiry with us for finance. We asked about Revive and what they planned to use the finance for, then we assessed Revive’s enquiry against our panel of lenders.
We found Revive a £40,000 unsecured business loan through our partner Esme. The team were especially impressed with the flexibility we were able to offer with the Esme loan — flexibility they hadn’t been able to get from anybody else. The loan with Esme allowed Revive to make overpayments when possible, meaning that they could repay the loan early and pay less interest.
With the £40,000 Revive were able to put down a large rental deposit for a shop in a prime location — right on Lewes High Street. They also used the money to convert the former cheese shop into a space to display several of their large dining tables plus an array of fittings they sell on behalf of their partners. Within four weeks, their shop was ready to open.
Opening the shop with an unsecured business loan has allowed Revive to showcase their furniture in a customer-friendly environment in a busy shopping area while keeping their Uckfield workshop open. The team opened the Lewes shop at the beginning of October 2018 and have already seen an increase in orders as a direct result — customers are discovering Revive now that they have a shop in a top retail location.
Following the success of their first shop, Revive are making plans to expand their workshop so they can keep up with the increase in orders.
Find out more about Revive Joinery0