PRESS RELEASE

Release date: 14th May 2014

Hair Artiste to the Stars Secures Funding

Midlands based, Cranfield Business Finance has successfully secured funding to facilitate a management buyout of Beepers, a long-established Coventry Hair Studio & Training Academy.

Esther Sweeney-Rowe, the new owner and hairdresser to famous celebrities such as Alex Jones and Mary Berry, had previously been refused funding by banks and needed an alternate source of funding to help support a management buyout. As a skills-based business, the studio's assets primarily comprised its client base. This meant that securing the necessary funds to complete a management buyout was challenging.

Cranfield Business Finance, part of the Cranfield Group, introduced Esther to a loan guarantee scheme which facilitates guaranteed lendingto viable businesses that have been turned down elsewhere. Cranfield was then able to secure lending for Beepers from a main bank.

Alan Jones, Director at Cranfield Business Finance, spoke of the importance of Cranfield's own business networks in helping Beepers to source the right funding package.

"Beepers were referred to us by LDP Luckmans Accountants for assistance for borrowing in order for a management buyout. By talking with Esther to gain a thorough understanding of Beepers Studio and its long term business plan, Cranfield gained a clear understanding of what financing option would best suit the business. Coupled with its established networks within the industry and ability to creatively source available investment options, Cranfield was able to help Beepers complete its management buyout and move forward on the road to future growth. "

Esther Sweenie-Rowe and her partner have now successfully completed the Beepers management buyout and recently re-opened the Beepers Hair Studio & Training Academy under new management.

When asked, Esther was full of praise for the assistance provided by Cranfield: "On trying to find the best way to finance our loan we very much felt we had hit a brick wall; and in all honesty we were beginning to lose hope. We were put in touch with Alan Jones from Cranfield Business Finance via our accountant. Alan took the time to get to know us personally and to understand what the business needed for stability and long term growth. Alan took the time to ensure we were kept informed throughout the whole process, which removed a tremendous amount of stress from myself and my partner"

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For further information, please contact:

Nicola Pittaway, Bridge PR & Media Services on tel: 024 76 520025, email: nicola@bridgepr.co.ukpatrick.murtagh@cranfieldbusinessfinance.co.uk tel: 024 76 253280