Funding secures growth of Scarborough drive-in cinema
Yorkshire-based One Stop Business Finance Ltd has completed a debt and equity deal to provide funding for the establishment and growth of a Scarborough film company.
Moonlight Drive In Cinemas has secured its first venue in Crossgates close to the A64 in Scarborough, which will open for business on Friday 24 July.
The drive in cinema will also operate on a mobile basis and is already pre-booked for showings in a number of other locations for its “Christmas 2015 Tour”.
Ben Stonehouse, manager of Moonlight Drive In Cinemas, said: “The 24 July can’t come fast enough. We have mobilised the site, recruited and trained our team and completed rehearsals for the first night. As most people would guess our first showing will be “Grease” but we also plan to show “Dirty Dancing”, “Jaws”, “Ted 2” and “Fast and Furious 7” over the course of the first two or three weeks.”
Andrew Mackenzie, managing director of One Stop Business Finance, commented: “The majority of our business relates to secured lending and this is the first transaction we have done which takes an equity stake in our client’s business and also provides a loan from our own funds. The idea of a number of Moonlight Drive In Cinemas across England excites me and the high calibre of Ben and his team, the young entrepreneur running the business, made it very investable.”
Ben added: “The combination of the cash injection and the business expertise and advice we have received from One Stop Business Finance has enabled the dream of running a drive in cinema to become a reality. By adding Andrew to our management board as a shareholder in the business we know that we have access to a vast network and guidance whenever we need it.”
One Stop Business Finance is seeking further funds to undertake even more of its own lending; offering SME clients options when more conventional finance brokerage solutions don’t work.
Once clients are taken through a lending process, the most appropriate and cost effective borrowing solutions are developed.
The business is an accredited broker/sponsor with a number of peer to peer lenders and also has a number of preferred partners in respect of hire purchase lending, invoice finance, commercial property etc. Therefore, One Stop Business Finance can offer its SME clients a complete lending service and genuinely is able to “do the deals the banks can’t do.”
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