Devon chef buys VERSE restaurant with £105K funding package

What's the deal? Chef Paul has acquired VERSE, an established restaurant in Kingsbridge, South Devon, backed by a £105,000 funding package via SWIG FinanceDealroom has a profile for this one. Try Dealroom →. The deal combines an £80,000 business loan from the British Business Bank's South West Investment FundDealroom has a profile for this one. Try Dealroom → and £25,000 from its Start Up LoansDealroom has a profile for this one. Try Dealroom → programme.

Who's involved? Paul, previously an executive chef at Devon's Ocean Cove GroupDealroom has a profile for this one. Try Dealroom →, runs VERSE with his wife Hayley. SWIG Finance is one of the fund managers delivering the £200 million South West Investment Fund.

What changes? VERSE now serves a tasting-style menu, with drinks from 18:00 and courses running through to around 21:30. Paul has structured the business into three arms: the restaurant, VERSE HampersDealroom has a profile for this one. Try Dealroom → for hotel and holiday-home partners, and VERSE EventsDealroom has a profile for this one. Try Dealroom → for pop-ups, supper clubs, and private dining.

Why it matters? The investment safeguarded several kitchen and front-of-house roles, with 12 employees across the business. "The loans were essential for the business acquisition," Paul said, adding he couldn't have built VERSE's plans without them.

The numbers behind it? The South West Investment Fund offers loans from £25,000 up to equity investments of £5 million. Last year, SWIG Finance delivered £8 million in Start Up Loan funding to more than 400 businesses across the region.

The signal: Publicly backed regional funds are filling gaps for smaller hospitality operators that struggle to access finance. "By combining support from SWIF and the Bank's Start Up Loans programme, Paul and Hayley have been able to turn their vision into reality," said Lizzy Upton, senior investment manager at the British Business Bank.

Read more: riseandshine.hale-events.com

Image credit: star5112