Family firm lands loan to fund expansion plans
A specialist wine and spirit store has expanded and taken on a second store with support from Truro-based asset finance provider, Ignition.
Johns Wines is a family business which has run a popular store in St Ives for generations.
Brothers Tom and Sam Hanson took ownership of the business around ten years ago, with the name honouring their great, great grandmother, Elizabeth Johns, who first opened a greengrocer in St Ives in 1894.
The Johns Wines store in St Ives is hugely popular amongst tourists and regulars alike, stocking a wide variety of fine wines, craft spirits and local beers.
Keen to expand, the brothers had been waiting for the right property in the perfect location, and found it on Fore Street in Fowey.
Johns Wines approached Ignition for a business loan, in order to spread the cost into manageable monthly repayments. Ignition is a leading UK asset finance provider and part of the STAR Asset Finance Group.
The company provides finance for a wide range of business assets, which can include anything from coffee machines and HGVs to solar panels, either using its own funds or via joint trading relationships with a panel of major finance houses.
It also provides commercial loans for specific business purposes such as easing cash flow, funding refurbishments or financing tax bills.
Tom and Sam opted for Ignition’s STAR loan, which provides funds within 24 hours, does not require security, and can be paid back over a five year period. As a result, fit-out was completed in time for the grand opening over Easter weekend, and the company is looking forward to a busy summer season.
Tom Hanson said: “We knew as soon as we found the Fowey property that it would be perfect for us, but we had to plan and complete the fit-out swiftly in order to establish ourselves and make the most of the tourist season. By facilitating a suitable and competitive loan for us, Ignition has helped us make this dream become a reality.
“The new store looks fantastic, and we have employed five new staff members who are fully trained, knowledgeable about our products, and excellently placed to provide advice and assistance to customers.”
Graham Mines, relationship manager at Ignition, said: “It was a pleasure to help Johns Wines with their expansion plans and to see the new store take shape. It’s an excellent example of an established Cornish business taking the opportunity to grow and thrive. I’m certain the new store will be a resounding success.”