The doors are swinging wide open at Llangefni’s Market Inn as the restaurant and pub gets set to open its upstairs accommodation.
The Market Inn, which has undergone a £1m refurbishment over the past 12 months, is now accepting bookings for its eight spacious, modern ensuite bedrooms, offering tourists the perfect place to rest after a busy day exploring the Welsh landscape.
Bought by experienced publican, Derek McKeon in 2023, the Market Inn has been open for food and drinks since December last year, but with funding stretched following the extensive modernisation of the downstairs space, and Derek keen to open the ensuite bedrooms in a timely fashion, he turned to BCRS Business Loans for finance support to allow the room renovations to be completed.
Working with Business Development Manager, James Pittendreigh, Derek was able to secure a £75,000 finance package from BCRS Business Loans, via the British Business Bank’s £130m Investment Fund for Wales.
Derek explains:
“The building required a full renovation – it wasn’t a case of just cosmetic work – and I wanted to do things properly to ensure that once we were open, we were open without any further work being required.
“I bought the building outright, so a lot of my funding was taken with the purchase, so I needed to source finance elsewhere to carry out the remainder of the project. We worked around the clock to get the pub and restaurant open in time for Christmas last year, and with next year’s busy tourism season knocking at the door, there was no time to waste in getting the rooms ready.
“Working with James was great, and he quickly got to understand the business and its potential, and obtaining this finance will allow us to capitalise on these vital months ahead.”
In opening the Market Inn, Derek has employed five full-time staff members, and now with the accommodation set to open shortly, it is hoped he will be able to offer further full, part-time, and seasonal vacancies.
Derek added:
“We have been able to accomplish a lot in a relatively short period, and I am delighted that thanks to the financing from BCRS Business Loans, we have been able to complete the renovation upstairs.
“Llangefni is a very special place, and we know how important the tourism season is to Welsh businesses, so I am delighted that this funding means that we can hit the ground running to capitalise on the opportunities it brings.”
BCRS Business Loans is the Smaller Business Loans fund manager of the Investment Fund for Wales and its Business Development Manager, James Pittendreigh, said:
“Derek is a highly experienced publican, having run various businesses for over 21 years, so when he came to us for support, we were happy to help him realise the dream for the Market Inn.
“BCRS is a story-based lender, and we support businesses to make a positive social and economic impact. Derek has a great vision for the business, wanting to make it the go-to place for food and drink locally, and we are proud that he is creating further jobs. We wish him the very best of luck for the future.”
Bethan Bannister, Senior Investment Manager, Nations and Regions Funds at the British Business Bank, said:
“We are so pleased to back Derek in his ambitions for The Market Inn on the beautiful Isle of Anglesey. The renovation work he has undertaken has been impressive, and to now have an accommodation offering above the refurbished pub is a fantastic boost for the forthcoming tourism season.
“Tourism is a major driver of the Welsh economy, and we are pleased to support businesses who are playing a part in drawing more visitors to Wales.”
The British Business Bank-backed Investment Fund for Wales operates across the whole of Wales and includes a range of finance options with loans from £25,000 to £2 million and equity investments up to £5 million to help small and medium-sized businesses start up, scale up or stay ahead. BCRS Business Loans is managing the smaller loans part of the fund (£25,000 to £100,000). FW Capital are responsible for larger loans (£100,000 to £2 million) and Foresight manage equity deals (up to £5 million).
Having worked with SMEs unable to access finance from traditional sources in the West Midlands since 2002, BCRS Business Loans has expanded into Wales to help smaller businesses there prosper and thrive under the fund, which was officially launched in Cardiff in November 2023.
Since BCRS was founded as a community development financial institution in 2002, it has provided loans worth more than £100 million to businesses across the West Midlands and Wales. A social impact report for the last financial year showed BCRS lent £9.9m to 124 businesses, safeguarding 889 jobs and creating 317 roles, adding £51.2m in value to the economy of the West Midlands, surrounding regions and Wales.
