The Range, based in Left Bank, Manchester, houses 5 highly-advanced golf simulators that allow members and non-members to play 100 of the finest golf courses on the planet – all without leaving the city centre. The venue has been established by 31-year-old Andrew McLoughney, a former +2 handicap golfer, who decided to bring a unique golfing facility to Manchester City Centre. Inside you could mistake the surroundings for a high end golf club with quality bar and restaurant facilities providing a relaxing environment away from the stress of the city.
PMD were asked to consider an asset finance facility for this new start venture which would provide funding for a wide range of ‘soft assets’ including golf simulators, furniture, catering equipment and lighting. After being advised by a high street bank that the maximum that could be leveraged from an asset finance facility would be £100k, PMD provided a £379k finance lease facility, which included stage payments to suppliers, over a 5 year term.
Andrew McLoughney commented:
“PMD took the time to fully understand our concept and were able to provide a facility that accommodated our full asset finance requirements. Whilst the high street banks seemed to be very choosy over the assets that could be financed, the focus from PMD was around our business plan and our vision for the new venture. It’s refreshing to see that there’s still appetite in the finance marketplace to fund new start business on this basis.”