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Chinese Gourmet, Take-Away Restaurant

Chinese Gourmet is one of Guernsey’s longest established take-away restaurants. It was taken over in 1999 by Peter Man who, with three other members of staff, work to provide resident Islanders and tourists with a wide range of traditional Chinese cuisine.

Over the years, business has been very good, having built up an enviable reputation through word of mouth and a loyal customer base. However, due to the large tourist industry of the island, custom is heavily prone to seasonal fluctuations.

Peter received his first business cash advance in 2014 to purchase stock and has since renewed five times to fund a large refurbishment, buy further stock and help with cash flow.

Prior to his first cash advance, Peter initially approached his bank. He explains, “There is no personal bank contact on the island anymore and I was referred to the mainland, where I was just a set of numbers to them. Because business can be inconsistent due to the seasonal highs and lows, made worse by the recession, they weren’t interested.”

Peter was introduced to the business cash advance by Annecto, who supply his card processing terminal: “I called them, provided a few details about the business and within three weeks had received my first Liberis Business Cash Advance. Payback is painless because I only pay back when I make a credit or debit card sale. It’s completely hassle free allowing me to focus on the business, and I’ve always cleared my advances within three or four months.

“The funding has kept me going when times have been tough, for example when business was affected by roadworks outside the take-away and when the road was flooded by the sea. It has also improved my purchasing power, enabling me to get stock from the mainland, which is cheaper, but you have to buy in large quantities and pay cash on delivery.

“Liberis has been brilliant and I appreciate the help they’ve given me. You just never know what’s around the corner, but knowing I can get a business cash advance quickly and easily is a real comfort.”

It was Annecto’s broker team that organised Peter his Liberis Business Cash Advance. Their product manager, Charles Armstrong, says: “getting the funding for Peter when he needs it is always a smooth and fast process with Liberis. That and the fact that there are no fixed monthly payments because he only pays back an agreed percentage of his customer card transaction, works so well for his type of business.”

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Liberis is a responsible lender. Liberis does not offer 'short-term loans'. The minimum expected duration of a Business Cash Advance is 120 days / 4 months and typical expected durations are 6-12 months. These business financing products are not consumer loans.