Plymouth-based Post Office expands

A Plymouth-based Post Office has undergone extensive renovations and expanded its services, with support of funding from Lloyds Bank Commercial Banking.

Tamerton Village Stores, based in the village of Tamerton Foliot near Plymouth, was acquired by local entrepreneurs Paul and Deborah Butler in June 2013, after they spotted a gap in the market for a convenience store in the village.

With previous experience managing similar stores across Plymouth, Deborah and Paul decided to renovate the business, reducing the size of the Post Office and installing new display fixtures and energy efficient chillers. Since then the business has gone from strength to strength and is expected to hit its turnover target at the end of the financial year.

Paul Butler said: “We have previously managed similar enterprises, so when the business came up for sale we could immediately see its potential to grow. The feedback we’ve had from local residents since re-launching the store has been fantastic, as before residents had to drive to the supermarket to purchase basic groceries.

“As the store is in a conservation area we installed energy efficient chillers and lighting, as well as choosing traditional signage and colours for the shop front that blended in with the environment.”

In order to secure the funding needed for the property, Deborah and Paul approached funding partner, Lloyds Bank Commercial Banking, which provided a six figure loan through the Funding for Lending Scheme (FLS).

Since the launch of the initiative in September 2012 the bank have committed over £7.5 billion of support to SMEs through the scheme, offering a 1 per cent discount to businesses in all sectors for the life of their loans.

Paul added: “After becoming dissatisfied with our previous banking partner we approached Lloyds Bank Commercial Banking in order to secure the property. The service that the bank has provided throughout the renovations has been exceptional and our relationship manager was always on hand to offer expert guidance and support.”

Richard Bowley, relationship manager at Lloyds Bank Commercial Banking, said: “Deborah and Paul had a well thought out plan of how they wanted to expand the store, and we could immediately see the business’ potential for growth and the positive effect that it would have on the local community.”

“The opening of Tamerton Village Stores follows a period of sustained lending to businesses across the area, with recent postcode lending data showing the bank has provided over £400 million of support to small to medium sized enterprises in Plymouth.”