This entrepreneur purchased an established Bakers Delight franchise.

Richard served his apprenticeship with Bakers Delight some 20 years ago. He'd worked in the franchise network previously but he had been out of the baking industry for some time. When the opportunity to own his own establised bakery arose CFI Finance was there to help make it happen.

Richard had been out of the baking industry for a few years but he was well experienced in running his own business and as a baker. Even better, Richard already knew the ins and outs of the Barkers Delight franchise system.

Richard had saved a small deposit but he didn't own his own home and he was still paying off an old personal loan under an arrangement with the financier. For CFI all of the positives easily outweighed the negatives.

Fast Facts

A Business Loan from CFI Finance helped Richard to:

  • Buy an existing franchise business in a succesful network
  • Leverage his previous experience in baking and business management
  • Get past a couple of dark smudges on his credit file

The Scenario

Richard had completed his apprenticeship as a baker some 20 years ago, but since then he’d worked in a number of other industries. He had some tangible assets but didn’t own his own home.

Richard could see the opportunity within an existing Bakers Delight franchise, and how he could make it even better, he just needed to find a finance company that could see that too.

The Positives

  • Richard knew the industry and the franchise network
  • He was buying into a successful franchise network and could see the potential for growth and improvements in the store he was buying
  • Richard was willing to put everything he had into the business to make it work

The Challenges

  • Richard’s credit file had a small black mark from an old debt, but he was still taking responsibility for it and paying it off.
  • Richard and his partner didn’t own their own home (which may have helped but for CFI Finance was by no means a deal breaker).

The Results

Richard was able to complete the purchase quickly with a Business Loan from CFI Finance. After taking over the bakery he took on the role of head baker and has employed another baker full time to increase capacity. We hope that soon Richard looks to join the ranks of multi-unit franchisees, and we’ll be there for him when he does.

Names in this case-study have been change to protect customer privacy – Learn more

Case Study Callouts

Not being property owners wasn't a barrier to obtaining finance

Prior experience in the industry, as well as Richard's overall life and management experience, counted for a lot with our credit team.

A great credit history is a great thing, but often it's OK to not be perfect.

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