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Musical instruments. Guitar, drums and trumpet. 3d

Practice Sheffield
32 Trinity Street
Shalesmoor
Sheffield
S3 7AJ

www.practicesheffield.com

Start & Grow brings music to their ears

The Start & Grow programme provided key support to Alex, Dan and Tom. Gillian Pickard, Business Advisor, Finance for Enterprise

Seeing an established practice and recording studio up for sale sparked the interest of three young entrepreneurs, Alex Coulson, Daniel Schofield and Thomas Smith. Each of the three had relevant degrees and industry experience and immediately saw what potential there was in the existing business. The group wanted to further develop the recording side of things specifically and also introduce the recording of videos too.

The business was for sale for £45,000, but as young professionals without leverage behind them, securing finance through high street banks was difficult.  Whilst the passion and drive was embedded within each of them, the experience needed to develop a strong business plan and two year financial forecasts was not.

Under the Start & Grow initiative, Business Adviser Gillian Pickard from Finance for Enterprise ensured the entrepreneurs were finance ready – helping them define a strong business plan and clear financial forecasts.

“Together they worked extremely hard on the business plan and financial forecasts to ensure the business purchase was achievable and realistic.” said Gillian.

The planning paid off with the offer of three Start Up Loans of £15k to cover the purchase.  The new owners took over Practice Sheffield in November 2015, supporting one full time and two part time positions. The studio has been reorganised and redecorated.  Existing clients have been retained as well as new ones coming through the door.

Thanks to Start & Grow, the owners have secured a business that they are genuinely passionate about and have high expectations for.

Alex Coulson, Daniel Schofield and Thomas Smith are clients of Finance for Enterprise who deliver business support in the Yorkshire & Humber region on behalf of National Enterprise Network.

Under the Start & Grow programme Alex, Daniel, and Thomas have received 15 hours of support and focussed training.  They leveraged finance to invest into the business of £45,000 and have created 3 jobs.

 

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