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Business Finance Solutions gets wagons rolling with loan for North West transport business

David Barnes from Hyde has launched Event Transport Ltd, a new haulage business that specialises in the music and live events industry, thanks to a loan from Business Finance Solutions (BFS), the North West delivery partner of the government’s national £310m Start Up Loans programme and a lending partner of the Greater Manchester Combined Authority.

David, who has more than 17 years experience in the event logistics industry, specialises in the transportation of technical equipment for bands & corporate clients, nationally & internationally, and has worked with a number of household names including the Foo Fighters, Mclaren F1, Lady Gaga, Metallica, BMW and Coca Cola.

The Start Up Loan will be used to purchase 12 and 18 tonne vehicles which will enable the business to operate far more efficicently by not having to rent wagons for each job. The loan will also enable Event Transport  to increase its work with other local businesses including STS Touring Productions in Ardwick and ‘corporate event specialists Keyteq Presentation Services Ltd in Altrincham.

David also worked with the Business Growth Hub’s Access to Finance advisor Geoff Clowes to develop his business plan and re-position the company’s financial projections, which led to David receiving the loan from BFS and an additional injection of new working capital from the Royal Bank of Scotland.

Alex Mearns, Loan Officer at Business Finance Solutions which is part of the Manchester Growth Company, said: “David has built up a huge amount of expertise, experience and respect within his industry and is now able to develop a unique and ambitious transportation service, thanks to a Start Up Loan. With this investment, he is building a business that will be creating a number of jobs and has real potential to grow, regionally, nationally and globally.”

David Barnes said: “What the Start Up Loan has given us is the opportunity to take what is already a proven business model and take it up a level to allow us to create new services, to buy in the equipment and crew we need and to start to build our national and global logistics network.

“What you get from the Manchester Growth Company is the full package – the advice and business plan tailoring we needed from the Business Growth Hub combined with the practical access to the right kind of finance from Business Finance Solutions. Thanks to them we are now able to operate far more competitively and to start to put Event Transport and Greater Manchester on the map for our event logistics expertise.”

BFS will see £15 million allocated to new start-ups across the North West over a two year period, creating around 3000 new businesses and over 5000 new jobs in the region. BFS is the finance arm of the Manchester Growth Company and supported by the GM Combined Authority and Greater Manchester Local Enterprise Partnership. BFS is a key alternative source of funding for businesses in Greater Manchester and has grown a comprehensive range of finance products from £500 through to £500k, with support on raising early stage equity through the Co Angel Investment Service of up to £2m. BFS currently manages over £100m of publically backed small business investments across the UK.

Find out more about BFS finance at www.business-finance-solutions.org.uk or by calling 0161 245 4737.