Joined forces with Tim Bacon in 1996 to set up Life Restaurants, which launched the Via Vita restaurant chain. They opened the Living Room on Deansgate in 1999 -the first of a 13-unit chain that their company, Living Ventures, sold in July 2007 for Â£28 million â€“ and did a deal with The Restaurant Group in 2005 which saw the pair take control of the Est Est Est estate, since rebranded as Blackhouse Grill and Gusto.
I run three restaurants but I’m having some cash flow problems and the bank has turned a loan request down and won’t increase my overdraft. How can I raise some cash to tide me over?
As long as your issue is truly shortterm ask suppliers with whom you have a good working relationship to increase your credit terms temporarily to tide you over. Offer to pay them interest and put the
arrangement on a formal footing – it will be cheaper than the bank and they will appreciate your honesty rather than simply squeezing them by just not paying them.
If your problem is a little more long-term, you might consider asking to convert some of your supplier debt to a formal loan with appropriate payment terms to smooth out your cash flow.
Similarly, if you owe the VAT man you can speak to them about an arrangement – they are far more helpful than they used to be!