Restaurateur moves into the laundry business

RESTAURATEUR Alex Mauro has acquired a hotel and guest house laundry company which he is planning to expand.

Mr Mauro, whose family ran the Osteria Mauro in Mottram St Andrew and Stock in Manchester, has bought Barrow-based Laundry Direct from an undisclosed vendor.

He has has secured a £50,000 facility from Manchester-based invoice finance provider Positive Cashflow Finance to invest in additional stock ahead of the summer season

In the next year he is planning to increase revenues by 25% to £400,000 at the business which employs 12 people.

Mr Mauro said: “With a growing list of clients wanting to come on board, the business needed an injection of cash to support expansion. Unfortunately, due to the seasonal nature of the commercial laundry industry, it proved difficult to secure a bank loan. Invoice finance has provided a fantastic opportunity to maintain the momentum of the business and we’re now in a much better position to achieve our future growth plans.”

Phil Chesham, sales and marketing director at Positive Cashflow Finance, said: “Laundry Direct is a great example of a company with huge growth potential being held back by a lack of bank funding. The commercial laundry sector is extremely attractive, as tourism continues to see a boost each year. We are delighted to be able to offer the company our support, and look forward to working closely with Alex and the rest of the management team.”

Positive, which also has offices in Birmingham and Basingstoke, lends between £10,000 and £1m.