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Investment & Support for the Liverpool City Region and the North West

  • Business Dreams Realised With MSIF

    MSIF provided a £50k loan as part of a £220k investment package which included a loan from HSBC. The funding has been used for start-up costs including securing and fit out of premises, equipment and staff.

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A couple from Warrington have realised their dream of running a business with backing from Liverpool-based funding provider MSIF.

Mangobean has been opened by John and Dawn Steer in the Green Oaks Shopping Centre in Widnes.

The café is part of a franchise group which has 14 other outlets throughout the UK. The café offers a range of different coffee blends including coffee cocktails made using different blends and flavours, fresh fruit and veg smoothies, salads and waffles.

MSIF provided a £50k loan as part of a £220k investment package which included a loan from HSBC. The funding has been used for start-up costs including securing and fit out of premises, equipment and staff.

John Steer said: "I worked in IT in senior roles for blue chip companies for 25 years and I became increasingly disenchanted with the corporate world. “I’d been thinking about running my own business for a while and started to research different business ideas. I love coffee and it is still a growing market in the UK so I began to look at ways in which I could start something."

"Becoming a franchisee has lots of benefits as there is a ready-made business model, supply chain and lots of support so I decided this was the best route for me to go down. I researched lots of different brands however Mangobean stood out as it has a great reputation for quality and that’s why I decided to go with them."

"We opened at the beginning of March and we have been very busy. It’s a great location and we’re already getting repeat business from customers."

"The support from MSIF and HSBC has been crucial to us. It’s very difficult for people like me who haven’t got a business track record to secure funding at competitive rates and I don’t think we’d have been able to launch without the loan."

"I’ve already secured another franchise in Stockport which will launch later in the year and I plan to open four in total."

MSIF investment manager George Wright said: "There is a lower risk associated with start-up businesses that are part of a franchise. Mangobean has an excellent business model and is successful in its other outlets."

"Green Oaks shopping centre is a very popular location and gets lots of footfall so there’s lots of passing trade. We are very pleased to be supporting John and Dawn in their venture and wish them every success."

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