Liverpool-based pub and restaurant group Flying Pig & Lobster has opened its third pub following £600,000 in Growth Capital funding from Santander Corporate & Commercial.
Established in 2013 by Roy Ellis, Charlotte Kemp and Neil Macleod together with TV celebrity chef Simon Rimmer, Flying Pig & Lobster focuses on developing high-quality and unique outlets in suburban locations. The Viking Pub & Bakehouse’s name, cuisine and design have all been inspired by West Kirby’s Viking heritage.
Roy Ellis, director of Flying Pig & Lobster Ltd, said the group has ambitious plans to expand further through new site openings: “We aim to open more pubs and restaurants in towns or busy villages across the north of England. Our previous business, Revolution bars, grew to 75 outlets over a period of 20 years. We aim to grow at a similar pace of 3-4 outlets per year with our latest business.”
The deal is the 100th Growth Capital funding deal by Santander Corporate & Commercial. The £200m fund addresses the gap that exists in the funding landscape between traditional bank debt and equity funding. Growth Capital loans are targeted at businesses with annual turnovers of up to £50 million which have a demonstrated history of high year-on-year growth in turnover, profit or employment.
The facility is part of the bank’s ‘Breakthrough’ support programme, which is aimed at fast-growth, ambitious businesses and includes funded overseas trade missions, Masterclass events and also provides graduate interns to SMEs.
Over the past five years, Santander has supported 84 separate enterprises with Growth Capital loans, with this funding helping these businesses create around 6,000 new jobs. The Viking Pub & Bakehouse has already employed 60 local people who have all received training in partnership with Wirral Metropolitan College.