How Joe & Seph’s built a financial toolkit to grow their gourmet popcorn business

When Joseph Sopher retired, he found his passion for popcorn was shared by others. So he set out to make the best tasting popcorn in the world. Buoyed by early success, the family-run business grew rapidly. They knew that to face the challenges running a small business would throw at them, they would need to be prepared. Having a business finance partner they could trust – and the right finance when they needed it – was key. 

 

Here, Co-Founder and CEO Adam Sopher talks about how the family turned his dad’s ideas into a thriving business, and the key role finance plays in both their growth and their day-to-day operations.

 

Juggling cash flow

Every small business owner knows the constant cash flow juggle. When business is booming, investment in stock, equipment and staff can lead to a lag between income and expenses. During quieter periods, reduced income means it’s harder to cover expenses, resulting in cash flow gaps. 

 

“Growing fast, especially as a family business, has its challenges,” says Adam. 

 

“Cash has always been a challenge. When times are great, you’re got a cash problem because you’re growing too fast; when times are bad, your sales are going the wrong way.”

Building a financial toolkit 

Early on, Joe & Seph’s understood the importance of robust financial planning to tackle all eventualities. Even though the popcorn was an immediate hit, with Selfridges, Harrods and Harvey Nicholls stocking the product within months of its launch, they knew that getting the right financial toolkit in place would help them achieve their business goals. 

 

Wanting to capitalise on their initial success meant they needed to invest in new machinery to keep up with demand. 

 

However, when they first approached Funding Circle for finance, Adam says: “We weren’t sure of what Covid would mean for our business and so we took a CBILS (Coronavirus Business Interruption Loan Scheme) loan. Fortunately, due to a lot of hard work by our whole team, our business traded really well and we didn’t need that money to keep the business going. Instead, we invested it in new machinery that meant we could increase the number of packs that we ship.”

 

Flexible credit when you need it

Small businesses, like Joe & Seph’s, are also using flexible finance to take control of their cash flow. FlexiPay from Funding Circle is a flexible line of credit that gives businesses the freedom to decide when and how to pay business costs. Make a purchase or pay a bill upfront and then choose to repay over 1, 3, 6, 9 or 12 months. 

 

“Now we use FlexiPay for a couple of key suppliers,” says Adam. “To smooth those payments and help with our cash flow.”

Finance for all eventualities 

Our range of products are tailor-made with the needs of small businesses in mind.

• Smooth cash flow gaps effortlessly with FlexiPay

• Expand your business with a term loan or shorter term loan 

• Earn money back on all expenses with Cashback business credit card

• Invest in new equipment, vehicles or machinery with asset finance

For many customers, like Joe & Seph’s, there is a huge benefit in being able to seamlessly use multiple products together. By combining products, such as a term loan for growth and FlexiPay for day-to-day outgoings, small businesses can achieve long-term business goals, while also seizing short-term opportunities.

Simplifying the application process

For Adam, the process was “super easy, efficient and all online,” with a dedicated account manager on the end of the phone to answer any questions.

 

You can apply for a loan online in 6 minutes and flexible funding in just 3 minutes. If approved, you could get a decision in as little as an hour, with funds typically paid out within 48 hours. Plus, over half of businesses who apply do not need to provide bank statements.

 

Looking ahead, Adam says “Joe & Seph’s next few years is all about growth. We’re going to grow in terms of the number of products we have, the number of markets we’re in, and making this popcorn HQ even bigger and better.” 

 

We look forward to being part of Joe & Seph’s journey.  

 

To start building your business’s financial toolkit, check if you’re eligible in 30 seconds and get a decision in as little as an hour. Our team will help you assess which product, or products, are right for you. Click here to apply today.