Propel supports Cheshire Retail (NW) Ltd to achieve rapid growth
Cheshire Retail (NW) Ltd, is a countywide convenience store company with ongoing expansion plans. From opening its first shop in 2010, the company’s 10-strong portfolio of discount retail premises today serve customers across St Helens, Birkenhead, Runcorn and The Wirral.
Finding the money to buy and re-develop new stores when stock needs to be replenished and wages paid at existing ones is a challenging balancing act, however. Navin Soni, Director at Cheshire Retail (NW) Ltd, explains: “I’m an ambitious guy and I need to move fast. As soon as I have signed on a store, I hand our partnering shop-fitting specialist Retail Outlet Design the keys and they turn it around for us.”
With ‘on the ground’ cashflow vital to supporting its ongoing growth trajectory, Cheshire Retail (NW) Ltd recognised a need for rapid and flexible external financial support and turned to Propel for assistance.
To date, the procurement of £83,800 in asset finance delivered by Propel, alongside a partnership arrangement with Retail Outlet Design where funding is transferred directly between Propel to the Blackburn-based company, has enabled Cheshire Retail to hit ambitious expansion targets efficiently and on time too.
Navin Soni, Director at Cheshire Retail (NW) Ltd, says: “Through asset finance we were able to keep money in the bank for stock whilst still opening new stores. I’m an ambitious guy and I need to move fast. As soon as I have signed on a store, I hand Retail Outlet Design the keys and they turn it around before Propel pays them directly – it’s a great collaboration.”
Daryl Brown, Business Development Executive at Retail Outlet Design said: “Propel are fantastic, they keep you in the loop all the way along the project, from start to finish. Everything’s set out from the get-go – you know what’s going to happen, and it happens.”
Sarah Freeman, Head of Retail Finance at Propel, said: “We are thrilled to have overseen such rapid expansion, particularly in the retail sector where the opportunity to flourish is perceived by many to be otherwise less than ideal. Helping Cheshire Retail to continue serving the British high street with neighbourhood convenience services is just one of the many ways Propel is able to support companies in a wide range of sectors where traditional lenders have been known to fail’’.
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