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Bolton business expands to keep drivers safe
The support I was given helped me to think through my strategy, to understand the financial dynamics of my business and to structure what proved to be a successful loan application Liam Davies
Liam Davies approached BBV in June 2015. Born from working in the claims management business, his idea was to import, sell and install dashboard cameras to the general public via EBay and his own website. Liam had some savings which he used to purchase samples and small quantities at various price points in order to test the market. Liam worked with June Poree, a BBV adviser, to develop his Business Plan.
The opportunity arose for Liam to partner with a local insurance broker with a large portfolio of commercial vehicle insurance clients. In order to supply these clients, a much higher level of stock was required and finance was needed to cover these costs. Detailed financial projections were discussed and developed together with a supporting Business Plan. A successful application was made to Virgin Start Up Loans.
“June helped me to think through my strategy, to understand the financial dynamics of my business and to structure what proved to be a successful loan application”, said Liam.
Car Safe is now up and running, still selling online to the general public but now with a dedicated telesales operative targeting companies with fleets of commercial vehicles.
The company has moved into commercial premises and has separate storage facilities for stock. A range of 5 dashboard cameras have been purchased from China at various price points. The company now has the stock available to generate the profit required to place increased future orders.
A partnership with a second local insurance broker is in the early stages of negotiation.
Liam Davies is a client of BBV, delivering business support in the North West. Under the Start & Grow initiative 2 jobs have been created and £19,000 raised in finance.