Reward supplies £100k funding for restaurant
Reward Finance Group has supplied a £100,000 loan to Ponti’s Restaurant, which has been run by the same family for nearly 50 years.
The business, which has restaurants in Sheffield and London, negotiated a short-term working capital injection from Reward Finance Group to cover its costs when normal service was interrupted because of the various lockdowns.
The money was used to pay suppliers, rent, utilities and those staff who continued to work throughout the pandemic.
Since starting to serve customers outside in April, trading has exceeded expectations in both restaurants, enabling them to fully repay the loan.
Alan Sanderson, senior relationship manager at Reward, said: “Ponti’s has been trading for nearly half a century and has survived a number of recessions during that time.
“Drawing on that experience and with an excellent management team in place, they produced a well thought through business plan to plot their way through the pandemic.
“Although the banks were reluctant to lend to the hospitality sector during this time, we were impressed with the way they had looked at every eventuality and provided a solution for their short-term funding needs.
“Naturally, we are delighted our faith was well-founded and the money has now been paid back.”