A new high-end Asian restaurant chain based in Nottingham is due to open its doors thanks to a £200k investment.
Tipu Sultan received the funding from First Enterprise – Enterprise Loans through the Community Investment Enterprise Facility (CIEF) and Midlands Engine Investment Fund (MEIF) backed by the Coronavirus Business Interruption Loan Scheme (CBILS).
The Nottingham branch of the chain will join existing restaurants in Birmingham and Leicester and will have space for 360 customers inside and a further 150 outside of the venue. The chain is known for its elegant and lavish décor as well as its exquisite Asian food offering.
The funding will be used for marketing, venue costs, cash flow, stock and the setting up of a wedding hall in the premises. Two jobs will be retailed and a further 10 new jobs created as a result of the investment.
Sajeeda Rose, Chief Executive of D2N2 LEP said: “The hospitality sector has faced huge challenges during the pandemic, so I’m delighted to that Midlands Engine Investment Fund is able to support Tipu Sultan to open a new branch in Nottingham. The new restaurant will be a welcome addition to the city’s hospitality offering boosting employment in the Nottingham area.”
“Following the challenges that lockdown has thrown at the hospitality sector, I am glad that we could help to get Tipu Sultan Nottingham open, trading and employing many local people in the process. There will be a huge demand for eating out following the easing of restrictions, and I am sure that the winning combination of the well-priced menu, great standard of food and totally extravagant decor and furnishings, will be a winner for the diners of Nottingham.”
Safdar Azam, one of the directors of Tipu Sultan Nottingham, said: “The pandemic caused a lot of uncertainty and concern in our industry and ultimately delayed the opening of the new venue. Thankfully, with some sense of normality now on the horizon we are extremely excited to be bringing a high-quality dining experience set in a glamourous surrounding to Nottingham. The business model has been very well received in other parts of the Midlands and we hope this will be mirrored here.
“The funding from First Enterprise – Enterprise Loans has been crucial in making this happen especially in its final stages before we open. Additionally, the expert support we received from their adviser Stefan has been invaluable and made the whole process easier and accessible.”
Midlands Engine Investment Fund
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
The Midlands Engine Investment Fund provides over £250m of investment to boost SME growth in the Midlands Engine Investment Fund area. The D2N2 ERDF contribution to MEIF is £11.75m.
First Enterprise – Enterprise Loans provide government-backed finance to businesses across the East Midlands and South East Midlands with lending ranging from £500 to £250,000.
The Coronavirus Business Interruption Loan Scheme (CBILS) was managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy (BEIS). The scheme ended on 31 March and has been replaced by the Recovery Loan Scheme.