A North East family has secured a £175,000 funding deal to launch a new start-up business dedicated to meeting the growing demand for dignified and compassionate pet cremation services.
Renwick Animal & Pet Cremation Services, based near Morpeth in Northumberland, secured the working capital from Reward Funding to purchase vital equipment needed to launch the company, which uniquely provides cremation services to pets and animals of all sizes across the region.
The family business, located on the 22-acre Southwitton House estate, is run by Jane Jobling-Purser and George Renwick, a mother and son partnership with extensive experience in both the farming and equine sectors.
Jane has dedicated her career to animal welfare, having run two holiday lets for six years and a successful yard for over 20 years. George has previously worked with the Department for Environment, Food & Rural Affairs and the Environment Agency, and more recently worked collaboratively with Peaceful Pets in Norfolk where he gained vital insights into the pet crematorium market.
Key to the finance deal being completed was the speed of lending, with Renwick able to use the working capital from Reward to purchase the equipment ahead of deadline and avoid any revenue loss through delayed openings.
The asset-based lender, which supports the growth of ambitious entrepreneurs, property investors and businesses both across the North East and nationwide, also demonstrated a pragmatic approach to funding risk. The deal with Renwick was largely based on strong projections and a solid business plan, with Reward ensuring the company didn’t have to go through any unnecessary red tape to secure the finance needed to accelerate its business plans.
George Renwick, Director and Co-founder of Renwick, said: “Having worked with pets and livestock all our lives, we recognised across the North East that many businesses and pet owners with larger animals were increasingly forced to travel as far as Derbyshire to access cremation services. Equipped with this knowledge and our passion for animal welfare, we invested in refurbishing the former equestrian centre located on the estate and converted it into the new pet and animal crematorium.
“The missing piece of the jigsaw was securing the finance in order to acquire the vital equipment needed to launch. As a new company, this was a real challenge since we had no previous trading history to present to banks and other lenders. Therefore, we were delighted that Reward was able to support us by recognising our long-term vision and plans for the business. The whole process moved at pace, ensuring we didn’t face the financial headache of having to delay the launch and put everything on hold.”
Aaron Tinmouth, Reward Funding’s North East Business Development Manager, added: “Being able to provide alternative finance to help launch a new business like Renwick underlines our entrepreneurial mindset and innovative approach to lending. Whilst this is a new venture for Jane and George, we made sure that we sat down with them to truly understand their plans, ambitions and their funding needs to ensure we could provide the right solution tailored to them.
“Many SMEs and property investors across the region are unfortunately denied finance by risk-averse traditional lenders, which stifles their business growth ambitions and negatively impacts the wider economy. It’s rewarding to help Renwick unlock this market opportunity and we are confident the business will now go from strength to strength.”
The deal between Reward and Renwick was brokered by Graeme Harrison from Newcastle-based Corporate and Commercial Business Solutions Group (CCBSG).
