“Fancy popping out for tea?”
“I can’t be bothered cooking tonight, fancy heading out?”
We’ve all said the above at some point. But, up until recently, surveys have suggested that we’ve been saying it less and less over the last decade, but why? The UK banking crisis didn’t help. As if you need reminding, 2008 was the start of an awful few years for British business, especially hospitality.
Mistakes made by influential figures in the world of finance sent ripples across the country, and small businesses were first to feel the brunt. With an increasing number of people no longer in the position to afford regular meals out, restaurants were hit hard. Some survived but many didn’t.
Nearly ten years on and things are looking healthier (yay). A recent study has shown that more and more of us are grabbing our coats, loosening our belts and heading out for a bite to eat again. This is without a doubt welcome news for small restaurant owners up and down the country.
As the economy licked its wounds and began to heal, our freedom to ditch the home cooking and head out for some grub slowly returned. We’re not out of the woods just yet of course, but things are looking good.
Has the landscape changed for UK restaurants since the downturn? Absolutely. The recession left behind a trail of mess that’s still being cleared up today. Banks collapsed, and the ones who survived tightened their purse strings. The offer of financial help to SMEs from banks practically vanished overnight.
This is when Alternative Finance came into its own. More specifically for restaurant owners, the Merchant Cash Advance product became extremely popular…and still very much is.
In this day and age, most restaurants take payments from their customers using card machines. This made the merchant cash advance product suitable for small, medium and large restaurants looking for ways to raise funds for various reasons.
As well as providing restaurants with information on Merchant Cash Advances, are able to put them in touch with the best lenders on the market. Get in touch today and discover the possibilities for your restaurant.