Restaurant back on track after Council loan lifeline

A Norfolk restaurant which was left struggling after being refused financial help by lenders, has been given a new lease of life.

Award-winning chef Michael Hunt took over the Railway Tavern at Framingham Earl believing he could save it, but his plans hit the buffers after the banks refused to invest in his refurbishment ideas.

His dream of building a community business had run out of steam.

Michael Hunt said:

“That’s when I found out about South Norfolk Council’s Enterprise Development Scheme while doing a course with Norwich Enterprise Agency Trust.

“I didn’t think for one moment that the Council would be able to help me by lending money. I can imagine that after so many hurdles with the banks, many people would have given up by now. But when you have your heart set on something, nothing will stand in your way.

“So I contacted South Norfolk Council and after a period of time, I was standing before a panel of council officers and council members, presenting my business plan and answering their questions.”

South Norfolk Council’s enterprise development scheme is no gravy train, as Michael discovered.

“I found the panel quite intimidating. My advice to others in the same position would be to make very sure and be very clear about what it is you intend to do, and be prepared to answer any number of difficult questions.

“Having said that - I would recommend it to any business in South Norfolk which has been rejected by other lenders.”

Councillor Eppie Zandvoort, who leads for South Norfolk on the economy said:

“The Council and Mr Hunt had two key concerns in common. We want flourishing businesses, which create wealth and jobs, and we want value for money from any investments we make on behalf of our community.

“The Council’s panel is no pushover. People coming to it will need to have a strong and robust business case, and be prepared to answer detailed questions. Otherwise, don’t waste your time or ours.

“If people have a strong case, with evidence to match, come and see us. My message to businesses is: Don’t be scared, come prepared.”

Panel meetings are set for every two months. Applications received 4-5 weeks before the next scheduled panel meeting are likely to be considered. Anything received later than that must wait until the following meeting.

The rate is preferential, currently at 4.5% and it is reviewed regularly. An optional 3-month holiday is available at the start of the loan period.

Michael Hunt’s dream while at catering college was to have is own restaurant. He is now living that dream thanks partly to the Council and to the backing of his family.

He said:

“The Railway Tavern has had a number of managers over time and when I became proprietor in 2005 and opened the restaurant and bar, my main problem was that people were not convinced I was going to stick around.

“I needed money to help refurbish and furnish the place. After numerous visits and rejections from banks, I got in touch with the Council.”

He prepares all his food by hand and uses fresh local produce.

“I am passionate about preparing fresh food and would be delighted to welcome anyone looking for a taste explosion without having their wallets blown-apart.”

And his recommendation:

“For those tempted by adventure, I would recommend the Cray Fish and petit pois risotto, followed by Vanilla cheesecake with summer fruits or stick with the classics like our steak and kidney pudding.

“And if you thinking about where to hold your next business meeting, or need a venue for a party with a barbeque – look no further.”

The Railway Tavern is at Norwich Road, Framingham Earl, Norfolk, NR14 7AB. Tel: 01508 494811 or visit www.norfolkfood.co.uk.

How to win backing for your business

Q: What amount can I borrow? A: Anything up to £10,000

Q: How long do I get to pay it back? A: The minimum period is 1 year and the maximum is 2 years but the Council tries to be as flexible as possible to meet requirements. There is an optional 3-month payment holiday at the start of the loan.

Q: Can anyone apply? A: You must have a business in the district of South Norfolk.

Q: I want to set up a business in South Norfolk. Is this for me? A: All applications are considered and assessed on their own merits.

Q: Where can I get more information? A: Contact South Norfolk Council’s regeneration team on 01508 533666, or visit www.south-norfolk.gov.uk/business

Q: How do I apply? A: Complete an application form, which is available at www.south-norfolk.gov.uk/business or on request by calling 01508 533666. Submission of a business plan and supporting evidence (quotes, bank letters etc) is required as part of the application.

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