A Cornish software developer has secured a 拢150,000 loan to take its business to the next level and help it grow once the coronavirus pandemic is over.
Caterbook, based in Camelford in North Cornwall, is a cloud-based hotel management platform providing hotel owners and managers with a sophisticated solution for handling bookings, payments and much more.
Business owners, Chris and Sally Noon, gained their expertise in the sector whilst selling a third-party product for more than 10 years but, as they became increasingly frustrated by its limited functionality, took the decision to develop their own software for the industry.
Their platform automates and simplifies many of the repetitive daily tasks facing hotel managers, whilst providing an interactive dashboard, intuitive reporting and integrated payment system.
The 拢131,250 Cornwall and Isles of Scilly Investment Fund (CIOSIF) loan is complemented by a co-investment of 拢18,750 from SWIG Finance.
What is CIOSIF?
The Cornwall and Isles of Scilly Investment Fund (CIOSIF), supported by the European Regional Development Fund, is providing debt and equity finance, ranging from 拢25,000 to 拢2million, specifically to help small and medium sized businesses secure the funding they need for growth and development.
CIOSIF is operated by British Business Financial Services Limited, wholly owned by British Business Bank, the 海角视频鈥檚 national economic development bank.
Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build 海角视频 economic activity.
The 拢40million CIOSIF fund provides debt and equity finance from 拢25,000 to 拢2million, to help growing small businesses across the region.
It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP) and is operated by appointed fund manager The FSE Group.
Whilst the impact of Covid-19 is undoubtedly taking its toll on the hotel industry across the region and beyond, Chris and Sally believe it will provide an opportunity for managers to review their systems and practices and look to integrate new systems that can help strengthen their position for when we are through this current crisis.
Chris said: 鈥淲e want the industry to know that we are still here, working hard to provide them with a robust system that can save them time and money. The funding from CIOSIF will allow us to further develop our solution and ensure the platform continues to offer what our clients need.
鈥淲e are grateful to FSE and SWIG for their ongoing support at this challenging time.鈥
What is the British Business Bank?
The British Business Bank is the 海角视频鈥檚 national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build 海角视频 economic activity.
Its remit is to design, deliver and efficiently manage 海角视频-wide smaller business access to finance programmes for the 海角视频 government.
Mike Chapman, business manager at SWIG Finance, working with FSE to deliver smaller CIOSIF business loans, said: 鈥淐hris and Sally鈥檚 experience in this field is extensive and they have established a good reputation both across the region and nationwide.
鈥淭his helped them secure strong early sales for their impressive platform. We know that the coming months will be tough but we are here to support them and help ensure their business is in a position of strength when we come through the other side.鈥
Lloyd Brina, senior manager at the British Business Bank, said: 鈥淭his deal is a good example of a growth business that has created an innovative product but needs extra capital to develop it further and grow sales.
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鈥淲e are pleased that CIOSIF is providing important funding to support growth at Caterbook and would encourage similar businesses to consider the options available through the CIOISF to see if it can help fund growth.鈥
LEP non-executive director John Acornley, who chairs the CIOSIF Advisory Board, said: 鈥淐aterbook are part of a growing tech industry in Cornwall and this is the third investment by the fund in a software business, spanning retail, accountancy and now hospitality, and all operating nationwide.
鈥淢any B&Bs, guest house and hotels are using this time to review their systems, including how they manage bookings.鈥
CIOSIF is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020.
