A popular Lichfield pub has been reopened after an injection of cash from NatWest.
Entrepreneurs Tony Later and Brendon Daly opened their latest venture, the newly refurbished Shoulder of Mutton, following a major refurbishment programme that sees the well-known establishment become a destination food pub serving fresh local produce.
Funding for the refurbishment was supplied by NatWest under the Government’s Enterprise Finance Guarantee Scheme (EFG).
The deal was arranged by NatWest in Wolverhampton. As part of the funding to support the refurbishment NatWest have released funds under the EFG scheme, which is the Government-backed scheme which aims to ensure that smaller businesses have the necessary working capital or investment finance in place to help them through the current difficult economic environment. Under the EFG scheme, the Government will guarantee 75 per cent of any loans made, with the bank covering the remaining 25 per cent.
Mike Elphick, the manager for business and commercial banking at NatWest, who was involved in putting in place the funding line, added that the pair had significant experience of the pub retail trade.
“The experience and enthusiasm they bring to The Shoulder of Mutton alongside its location provides an exciting business opportunity for the new owners.”
Tony Later added: “The Shoulder of Mutton has a long-held reputation in Lichfield as a quality establishment and I am delighted to take over the running of the pub and very excited with the changes we have made. Our plan is to add a real dining experience in a relaxed and welcoming atmosphere. The demands on pubs have changed over recent years and the investment we are making here responds to new consumer demands where they want to be able to enjoy fine food as well as fine ales and wines. We aim to capture the spirit of the old pub and merge with our fresh new ideas to re-establish the identity of the pub.”
Mr Later is currently the owner of The Littleton Arms in Penkridge, plus a hotel, restaurant and pub based in the heart of rural Staffordshire. Mr Daly has owned The Inn On The Green, in Birmingham, since 2004.