FULL STEAM AHEAD FOR NEW WORCESTER COFFEE SHOP

Independent coffee house owner Aasia Baig has opened her third Centenary Lounge coffee house near Foregate Street, Worcester thanks to Central Business Finance.

The Midlands-based, independent FCA approved finance broker secured a half a million pound funding package to support the entrepreneur’s growing coffee empire. It included a commercial mortgage, development loan and additional finance to buy the building, which was a dilapidated Grade II, Georgian building when she took it on.

Deco era has been challenging but enjoyable, and the challenging part was mainly managed by Central Business Finance.

“Supporting the growth of independent coffee houses across the Midlands and seeing Centenary Lounge come alive from concept to completion is certainly worth investing in”

“Designing and developing an eatery, the largest in our portfolio, across two floors is what I enjoy and what I pride myself to be good at, but understanding business finance and accessing the right funding package was crucial to getting the space and to fund its redevelopment.”

The European Regional Development Fund has awarded the scheme a grant of more than £1.6 million.

The Low Carbon Opportunities Programme (LOCOP), managed by Worcestershire County Council, has provided technical advice and support to more than 80 businesses, and £822,000 in grant funding.

Most of the renewable energy grants awarded have been for solar PV systems to generate clean electricity, reducing bills and the need for fossil fuels.

Other low carbon energy generation technologies that have featured in grant funded projects included heat pumps, bio-mass and battery storage solutions.

The programme also supports businesses in clean tech innovation, or those who want to diversify into this sector through the development of new low carbon technologies which will help others to be green.

Centenary Lounge is Aasia’s third coffee house venture. Her first two are based at Birmingham’s Snow Hill Station and Moor Street Station.

Aasia said: “Reforming the building to a bygone era, resplendent of the 1930s Art

Chris Brown, Director, Central Business Finance, added: “Seeing Centenary Lounge come alive from concept to completion is certainly worth investing in.

“Witnessing the transformation of the Georgian building into a refurbishment that even the Great Gatsby would be proud of has been a delight – not to mention the creation of 11 new jobs.”

One example of innovation which has been grant funded is the HERU (Home Energy Resources Unit) which takes domestic waste and turns it into heat for use in the home (read an update on HERU on page 7 of this issue)

The LOCOP programme will continue until September 2022.