Washington’s Three Horse Shoes has opened their doors after securing a £40,000 loan through the Finance for Business North East Microloan Fund, managed by Rivers Capital Partners. The loan will assist with refurbishment and restoration of furnishings and finance the development of a microbrewery, producing high quality brew to be sold in-house.
Local entrepreneur Sharon Deehan purchased the premises in December 2014 with the intention of establishing the business as a premier Gastro Pub in the Tyne and Wear conurbation. Sharon has managed award winning pubs in the past and this is her latest venture. She aims to entertain the local population with a welcoming family atmosphere and a selection of hand-picked ales to accompany their fresh produce, serving food from 12pm seven days a week.
This old English establishment provides high quality food and a large range of local beers, 12 cognacs and over 70 different malt and blended whiskies. Located just off the A1 near Houghton le Spring, they are proud to say all food is fresh and cooked and prepared on site.
Commenting on the loan process Sharon said “[The team offered] a personal touch, with a great interest in the business and its potential. [It was] clear and easy to understand."
The Three Horse Shoes building is over a century old and has been completely refurbished from what it once was, to a smart and traditional English pub with a restaurant known as the “backroom”. The backroom has a warm, wood burning stove and a new outdoor seating area for sunny days.
Nikita Bazko, Fund Manager at Rivers Capital Partners said “It is a charismatic building with a vibrant atmosphere. It is great to see the Microloan Fund is able to help maintain such a historic, local structure. I hope Sharon will achieve her previous success with this new venture.”
The North East Microloan Fund managed by Rivers Capital Partners offers loans of £1,000 - £50,000 to businesses that often struggle to gain financial support from mainstream lenders. Rivers base their decisions upon the quality of the business, rather than their assets. A successful applicant can receive their loan on average in just two weeks.
The North East Microloan Fund is financed by the European Regional Development Fund (ERDF) and is designed to help small businesses to start up or expand their operations. Since inception in 2011, the Fund has created more than 440 jobs and secured more than 660 jobs in the North East.