After lying empty for months, a former Perth pub is to enjoy a new lease of life as a restaurant.
Thanks to a “matchmaking” initiative launched by the local authority, the Ring o’ Bells on St John’s Place has been earmarked for transformation.
Perth and Kinross Council’s Angel’s Share scheme helped the owner of Howie’s Bistro of Dunkeld to secure funding to expand into the Fair City.
The project aims to link local businesses with prospective investors and this is one of its first major successes.
Graham Howie impressed an audience of financiers during a live pitching event at Perth Racecourse earlier this year.
His proposal generated a lot of interest and Howie’s became the first business of its type to raise finance through the peer-to-peer lender Funding Circle, after being given a helping hand by Catherine Anderton of SME Eurofinance.
Mr Howie welcomed the support given to him, saying: “The Angel’s Share is an excellent service and I applaud Perth and Kinross Council for developing the initiative.
“Having the opportunity to pitch at the live event not only gave me feedback for my business, but a direct link to help me secure funding.”
Launched last year during the first Perth and Kinross Business Week, the Angel’s Share is designed to help local companies source funding to enable them to expand and grow.
The concept, which was developed by the council’s business growth team, has seen the creation of a website hub where businesses and investors can link up, as well as the organisation of regular live events where people can pitch to interested parties.
The development has already been backed by planning officers, who approved the project and highlighted the importance of ensuring vacant premises in the city centre are occupied “as soon as possible”.
Enterprise and infrastructure convener John Kellas said the project is a prime example of why the Angel’s Share scheme was created.
He added: “When I talk with local businesses today, the major impediment to growth seems to be access to finance.
“At the same time, investors are having a frustrating period with low interest rates, fluctuating markets and an uncertain future.
“The Angel’s Share is an interactive business forum for investors and businesses, helping businesses grow and business angels invest in local businesses in a sustainable way.”
Mr Kellas also unveiled the benefits of the initiative to the wider area, bringing a much-needed economic boost to the city.
He continued: “The council’s business growth team are facilitating the Angel’s Share across the area, promoting it to businesses with growth potential and coaching businesses through the whole process.
“As well as helping businesses grow, this innovative initiative is helping to develop the local business community, bringing investment to the area and promoting Perth and Kinross as a great place to do business.
“I would encourage any local businesses that are looking to grow to get involved.”
More information is available at www.theangelsshare.org.uk.