Spar Gourock

Background

GRS Retail Ltd was founded by Steven Singh and Gurwinder Kaur, both semi-retired professionals with a strong background in property management and retail industry. Seeing a gap in their local market for a high-quality convenience store, they decided to transform one of their vacant units into a vibrant retail space. Their vision was to offer a much-needed, accessible shopping option for the local community.

Reason for Approach

Steven and Gurwinder chose DSL Business Finance for our competitive interest rates, which they found were unmatched elsewhere. This loan was crucial to bringing their ambitious project to life.

Purpose of Investment

The loan was pivotal for the complete refurbishment and modernisation of the store. Major investments were made in refrigeration systems and shelving to meet modern retail standards. In addition to the loan, Steven and Gurwinder invested a substantial portion of their own funds, showcasing their commitment to the success of GRS Retail Ltd.

Key Success Factors

Several factors contributed to the approval and success of their loan application:

• Comprehensive Business Plan: They provided a well-structured business plan and detailed cash flow projections that emphasised the viability of their business.
• Market Research: Their thorough research ensured a deep understanding of local market dynamics and customer needs.
• Relevant Experience: Both directors brought previous experience from running convenience stores, adding credibility to their ability to succeed.
• Personal Investment: They personally funded 55% of the total project, reflecting their strong commitment to the business.
• Financial Stability: With steady income from their property management business, they had a reliable backup plan in place.

DSL Business Finance provided ongoing support throughout the application process, offering guidance on documentation and maintaining open communication.

The opening of Spar Gourock is expected to significantly benefit the local community by providing essential retail services and creating new jobs.