The outlook for the recording studio Practice Sheffield looks good six months after it was taken over

Three young entrepreneurs with a passion for the music industry are seeing huge success in their running of an established recording studio. Alex Coulson, Daniel Schofield and Thomas Smith purchased Practice Sheffield at the end of last year and were able to secure finance of £45,000 to help them realise a dream of buying a recording studio business, thanks to the help and advice they received from Finance for Enterprise, as part of the Start & Grow programme. Creating three new jobs, the entrepreneurs took over Practice Sheffield in November 2015 using three Start-Up loans, after finding it difficult to secure finance from high street banks.

When Alex Coulson, Daniel Schofield and Thomas Smith saw an established practice and recording studio come up for sale, they identified that the existing business had great potential. Furthermore, they could see ways of extending the business to include recording videos as well as music. Yet while they all hold relevant degrees and industry experience, and equally importantly, a passion and drive to take over the business and build on its success, they were challenged by a lack of experience in securing finance and business planning. With 15 hours of support from Business Advisor, Gillian Pickard from Finance for Enterprise helped Alex, Daniel and Thomas to become finance ready. By defining a strong business plan and making clear financial forecasts they secured three loans of £15,000 to cover the purchase of the business.

Gillian Pickard from Finance for Enterprise praised the work undertaken by the entrepreneurs, “The Start & Grow programme provided key support to Alex, Dan and Tom. Together they worked extremely hard on the business plan and financial forecasts to ensure the business purchase was achievable and realistic.”
Alex Coulson praised the support they received from Gillian, “she guided us through the process from beginning to end and has continued to stay in touch even after our approval. Her approach removed all stress and allowed us to have confidence that our goals for the business are achievable.”

Since taking over the Practice Sheffield, the new owners have reorganised and redecorated the studio, retained the existing clients and attracted new ones. Thanks to the help provided by Start & Grow, the owners feel very positive about the business and feel very positive about the outlook for the business.
Finance for Enterprise work with a range of local start-up businesses as part of the national Start & Grow programme delivered in this area and would be delighted to hear from others looking to start up in business to see if they meet the criteria of the programme.


Notes for Editors and contact details

1. Practice Sheffield opened in November 2015 and is based in Shalesmoor, Sheffield. Alex Coulson, Tel: 07969 394560. Daniel Schofield, Tel: 07769 179603, Thomas Smith, Tel: 077992 24167.
2. Finance for Enterprise is based in Doncaster, South Yorkshire. Gillian Pickard, Business Advisor, Tel: 0333 014 3455

About Start & Grow

Start & Grow is a national programme run by Cavendish Enterprise and funded by the Regional Growth Fund that provides a range of pre and post start support to individuals across England looking to start a business. The programme is available to those looking to start a business which expects to employ people from its early stages and where start-up financing is required to get the venture off the ground.

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National Enterprise Network is the only membership body in England representing those working in the enterprise support sector. We believe our members are crucial to Britain’s economic success. Our role is to support their work, promote the results they achieve, and connect them with opportunities for even greater success. NEN membership is traditionally, but not exclusively, made up of not-for-profit enterprise support organisations providing independent and impartial advice, training and mentoring to new and emerging businesses. The organisation represents a variety of enterprise support organisations; including enterprise agencies, Chambers of Commerce, local authorities and other specialist providers.