The Olive Lounge opens with Lloyds funding
A Kettering-based family-run wine bar has expanded ahead of the summer season after securing an £80,000 Enterprise Finance Guarantee (EFG) loan from Lloyds TSB Commercial.
The Olive Lounge was opened by husband and wife team Philipos and Lisa Filaiti in April 2010 as an extension to their existing restaurant business, The Old Bakehouse. It now employs 25 people.
Having opened the Mediterranean restaurant in 2007 after relocating from Greece, the couple launched the champagne and wine lounge.
After securing the EFG loan, a complete renovation of the premises was completed. The wine bar’s outdoor courtyard was refurbished and investment was made into outdoor furniture, heaters and awnings. The wine stock was also purchased with the finance.
Stuart Andrews, relationship manager for Lloyds TSB Commercial, said: “The addition of The Olive Lounge to the Filaiti’s already very successful restaurant has already proved extremely beneficial to the business, which is reflected in the boost in projected turnover for this year.
“By further improving the courtyard to capitalise on the opportunities provided by the upcoming summer months, the Filaitis are in a position to enjoy further business growth, for both the wine bar and the restaurant. They have shown that with the correct planning and motivation, diversifying is a great way to expand a business.”
