Sub Post Office Loan and Post Office Business Plan - all sorted!

Here at Ernest Wilsons we have been liaising with LloydsTSB’s Chesterfield Business Centre who I have to say have put together a very competitive offer of finance for a client purchasing a Sub Post Office. Interest Rate offered is 4.39% above base rate even though some of the £250,000 facility is unsecured and across 15 years. Great to see the local management team keen to lend and quick to put a workable deal together. Well done Lloyds.


A gentleman rang from London this week anxious that the Business Plan submitted to the Post Office had been rejected despite help from a financial advisor, putting his whole subpostmaster application in jeopardy ! I was glad to look at the plan and make the necessary amendments to ensure it conveyed the right information and it has been successfully resubmitted. The Post Office Business Plan is bespoke to the Post Office and not in the form of a traditional business plan, and whilst it takes some getting used to does provide the Post Office with an excellent financial overview of the viability of the application.

Should anyone require help with sourcing finance or help with the Sub Post Office application process do not hesitate to give me a ring at Ernest Wilsons on 0113 238 2900

Ernest Wilsons - good news about Lloyds TSB and the Enterprise Finance Guarantee Scheme

In my capacity at Ernest Wilsons in introducing buyers to finance providers I chatted to Lloyds TSB Commercial again today who advised that they have a real appetite to help businesses via the Enterprise Finance Guarantee Scheme. Indeed until 31 December all approved applications benefit from keen rates. Indeed one quote received today for a £100,000 EFG loan (to buy a Sub Post Office) was at 3.1% above base rate, 3.1%! That is keen in my view and no arrangement fee for a short period either (usually 1.5% of loan amount). The Scheme assists a proposed borrower who has a good proposition that meets the usual cannons of lending criteria accept there is insufficient security, in which case the Department for Business, Innovation and Skills will provide a guarantee for 75% of the unsecured loan, subject to a 2% annual guarantee fee. More to it than that, but that is a very quick overview. So don’t wait until after the Xmas holidays to approach Ernest Wilsons if you need help arranging finance to buy that business! These very attractive rates may not be available then. I have to say the Relationship Managers I deal with at Lloyds are certainly hungry to lend. Took another call from a lady needing help with buying a Sub Post Office and the application process, daunted especially by the Business Plan and Interview – no problem glad to help.

Ernest Wilsons third Seminar. Raising finance and Sub Post Office application support.

Ernest Wilsons held its third seminar on the 28th November titled “Thinking about buying your own business? – Learn How”, which was another huge success with the room bulging with delegates. The agenda included an item on “Acquiring Finance for your business purchase” which I covered along with Wendy Hallas, Relationship Manager from Lloyds TSB’s Commercial Business Centre in Huddersfield. I think it opened a number of the delegates eyes as to what is possible and what is not in the current market place when it comes to raising finance to buy a business, with a few readjusting their purchase price parameters. Banks are lending money but they have to be approached with the right proposition, the right information and in the right way. This is what keeps me busy at Ernest Wilsons helping people day in and day out, without charge, to source finance to buy the business they have decided is for them – and I love it!


I have also been busy this week helping a number of individuals apply for the position of subpostmaster having agreed to buy a Sub Post Office from a client of Ernest Wilsons or indeed another Business Transfer Agent. The Sub Post Office application process involves the completion of a Post Office bespoke Business Plan amongst other things and also includes a subsequent interview with the Post Office wherein the applicant undertakes a powerpoint presentation. Having helped more people than I can care to remember through this process I am pleased to continue to be able to help many more as many finding it daunting, even though they clearly have all the skills to run a small business including a Sub Post Office. Indeed Ernest Wilsons “Buying a Sub Post Office Support Service” launched last year has really taken off with calls coming in from all over the country! It is always a regular highlight in the week when a delighted customer telephones me to say they have been appointed subpostmaster or subpostmistress – and this week I had two of these happy calls!