OakNorth is a UK bank that can provide fast and flexible as well as accessible debt finance to entrepreneurs in order to grow their business. The bank is the first in the UK to have its core systems hosted completely on the cloud, this occurred in May of last year. OakNorth has also grown its loan book to £370 million and has raised from over 7,000 more than £280 million in retail deposits. It has also become one of the fastest growing financial service companies in the UK. Founded by Rishi Khosla and Joe Perlman because of the trouble they had securing financial backing for their entrepreneurial idea Copal Amba.
OakNorth has completed a loan to Notes, the specialty coffee, food and wine company worth £600,000. The company Notes has already opened six different sites across the centre of London and the funding will be put towards opening two more sites. The new Specialty shops will be located in Victoria and Angel Court. The Brand hopes that the current success they are experiencing could allow them room for a great deal of expansion.
This loan to Notes will be the first completed by OakNorth that falls under the British Bank’s Help to Grow scheme. OakNorth joined the scheme in January 2017, and hopefully this will not be the last loan completed under this new scheme set up to help fast growing businesses reach their full potential.
Notes is a company that combines the concepts of a coffee chain and wine bar, and has benefitted from the Help to Grow scheme which will aim to provide up to £2 million to fast-growth businesses in an attempt to target the £1 billion gap found in the up-scale lending area of finance.
Notes was launched in 2010 and since has built a reputation on the quality of its coffee. It is a company that is commonly named amongst London’s top 10 coffee shops, an impressive feat for the specialist brand. In March 2015, Notes supplied the coffee for the winner of the UK Barista Champion.