Hairdresser ties up salon acquisition with funding package
Tue, 21st October 2014

Hairdresser ties up salon acquisition with funding package

An Exmouth hairdresser has bought the salon she has managed for the past eight years after securing a five-figure loan from NatWest.

Nicola Askew started as a trainee stylist at Strands Hair after leaving school 16 years ago. She has taken over from previous owner Graham Crawford-Turner who had been at the business for almost three decades.

Askew secured £43,000 from NatWest to make the acquisition and has retained the salon's four staff, as well as taking on a new assistant.

"It is a lovely salon – it’s just like being at home. Most of our business is regular clientele. It very much feels like a family – all of the stylists have been here between eight and 25 years," she said.

"It suddenly became very clear that I was going to have to make a move myself or settle for someone else running it. It was daunting, until I discussed it with the staff and they all told me that if I didn’t buy it they would leave. They were fearful of the dynamic changing."

Askew will now recruit an additional full-time member of staff to offer nail services and hopes to open a sister salon in Cranbrook.

Steve Hawkins, relationship manager at NatWest, said: "Nicola is experienced in her sector and this was a great opportunity for her to own and grow her first business."

category South West  |  source Insider Media