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Riddles

Riddles

Del and his partner Emma had the idea for Riddles for over a year before they finally got the ball rolling. Their vision for opening a 1920’s “speakeasy” style bar was born out of passion and a wealth of experience in the hospitality industry. They were so driven by their idea that, in their own words, they “didn’t anticipate the depth of knowledge required in different areas and how that would affect the length of time it would take to get our idea off the ground.”

Riddles is a vintage inspired specialist coffee and cocktail bar, bringing traditional prohibition born cocktails to the modern day drinks enthusiast. The whole venue, down to the glassware and music, is dedicated to its theme and the result is a unique atmosphere that truly sets them apart from other bars in the area.

As great as it looks today, the couple explain how, at the start of the process, they ”really knew nothing about writing a business plan” and simply started using an online template to bring it together. They describe how “the section requiring financial projections and cash flow forecasts had us stumped and that was when a friend mentioned that it might be worth talking to an accountant.”

The financial information – profit and loss and cash flow projections, are very important. It’s what experienced people concentrate on when they look at a business plan. The finance must be realistic and your figures must add up. “We also had to explain such things as how the business would survive if income failed to live up to expectations,” explains Del . “We learnt that you have to consider all cash flow eventualities. It was a minefield to us and we knew we had to get it right if we were ever going to get the finance we needed.”

The pair made the decision to talk to Beans and found that it helped them structure their start-up plans and move at a faster pace. “David and Mike were recommended to us by a mutual acquaintance and the moment we sat down with them we knew things would start moving a lot faster,”

Emma and Del say…

Mike & David looked through our business plan and gave us detailed notes and feedback on how to improve it. They worked with us on putting our financial projections together and put us in touch with other professionals that could help us realise our business plan. They arranged an appointment for us to see a bank for financing; they put us in touch with a commercial lawyer, even told us about a great cheese supplier to help with our cheese and wine evenings!

“They continue to help us above and beyond the perceived role of an accountant and from the moment they got involved in our plans, the business started to become a reality.”