Notes coffee receives £600,000 loan for "aggressive" expansion
Speciality coffee, food and wine company Notes has received a £600,000 loan to fund "aggressive" expansion plans.
The chain has six sites across central London and plans to use the loan, from entrepreneurial bank OakNorth, to open two further sites in Victoria and Angel Court.
It is the first loan the bank has completed under the British Business Bank's Help to Grow programme since joining the programme in January. The programme aims to provide debt finance of up to £2m to fast growth businesses and is targeted at filling a £1b gap in scale up lending.
Launched in 2010, Notes is a dual concept: a café by day and wine bar by night. The business has sites in Trafalgar Square, Moorgate, King's Cross, Canary Wharf and the Gherkin. The 1,500 sq ft Angel Court site near Bank will be its largest, while the Victoria site will be in the recently opened Nova development.
Alan Goulden and Edward Halfon, directors at Notes, said: "We are a very ambitious company that wants to continue scaling at pace, so we're delighted that we now have the finance enabling us to do that."
Ben Barbanel, head of debt finance, and Deepesh Thakrar, debt finance director at OakNorth Bank, said: "We're delighted to have completed this deal with Notes - not just because it is a fast-growing and ambitious business like ours, but also because it is the first deal we have closed under the Help to Grow programme. This is exactly what the programme was set up for and we look forward to working with the British Business Bank to close additional deals in the future."
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