Business Assistance / Guidance

HadynB

Hi

This isn't really anything accountancy related, but I'm hoping that someone out there with a wealth of knowledge can help.

Basically we have the opportunity of purchasing a house with a ready made business (sole trader) which has been running successfully for over 10 years. The trouble is we can't get anywhere near the funds needed to finance the project, but the projected profits would cover the monthly repayments (there or there abouts). We're not looking to make major money, but it will enable our family to move to a bigger house and give us the room we need.

We're looking at £375k and no-one will touch us without a 25% deposit (making it impossible). The owner is also willing to let us buy 50% and rent the other half as they really want us to take over the business they have built up. Still the banks wont touch us - does anyone know of any grants or possible funding sources that we could approach - our financial advisor thinks it's dead in the water but the selles are really keen at looking at all avenues to try and help us buy it from them.

Any help/ideas would be greatfully received.

mac1

Off the top of my head:

1) Business angels

2) Crowd funding

Google both and build up some info.

T.C.

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