SMEs in the takeaway food sector can look forward to a special loan deal if they’re part of the Just Eat phenomenon, thanks to the UK’s biggest peer-to-peer lender, Funding Circle.
A Winning Combination
Funding Circle, which received full FCA authorisation back in May, has announced it will offer loans to the nearly 30,000 restaurants that operate through the Just Eat network.
The restaurants will receive a discounted administration fee to help them borrow up to £60,000 via Funding Circle, which allows investors to invest directly in small to medium sized businesses. It’s just one of the services now offered by Just Eat, the internet linked delivery network that’s worth £4.7bn.
“Our latest suite of offerings – from flexible funding solutions, help with business rates recovery and even deals for discounted Sky broadband, WiFi and TV – will give our restaurants more opportunities to reduce costs and make their businesses even more profitable and competitive,” said Just Eat’s Restaurant Services Director Robin Clark.
A Competitive Market
Just Eat are now facing competition from companies such as Deliveroo, UberEats and Amazon Restaurants, which are making their mark in London. Some critics see as a good thing, concerned about the restrictions and pricing rules that Just Eat puts on participating restaurants – and its potential monopoly of the takeaway sector if its merger with Hungry House goes ahead.
The merger is currently under consideration by the Competition and Markets Authority, which has until 2nd November to announce its decision.
“Small businesses are the backbone of our economy,” said James Meekings, co-founder and Managing Director at Funding Circle. “Their commitment and aspiration to make things better is what drives the UK forward. Nowhere is this more evident than the great tradition of the British takeaway restaurant.
Together with Just Eat we are working to support the fantastic owners behind the nation’s takeaways to access the finance they need to grow and to get on with achieving their goals.”