Investment is on the menu for historic Exeter building and restaurant

A local Exeter restaurant, Harry’s on Longbrook Street, has secured its future through a mortgage from Lloyds Bank Commercial Banking after its leasehold was due to expire.

Owner, Samantha Pounds, approached the bank when the owners of the building declared their intention to sell the property and the restaurant’s future was put into question.

With the additional support of £150,000 from the Regional Growth Fund, Samantha was also able to secure future employment opportunities for the local area.

The Regional Growth Fund is a government scheme which aims to help businesses throughout England to create and sustain jobs. The restaurant currently employs more than 20 staff with plans to increase this number as it continues to grow.

Samantha took over the restaurant in 2004 from her parents who founded the business in 1993. The family-run firm now sees the third generation, Samantha’s daughters Phoebe and Zoe, working in the restaurant.

To build on local success, Samantha opened a second restaurant, Harry’s Grill Bar in 2007, to aim at a more specialist market.

Harry’s is named after Harry Hems, a master carver who occupied the premises following its design and construction by architect, Robert Medley Fulford in 1882. On arrival in Exeter in 1886, Harry found a horseshoe lying in the road.

Taking this as a good omen, he took residence in the town and the horseshoe can still be seen above the main door of Harry’s restaurant, as well as many pictures and references to these historic roots throughout the restaurant. Samantha previously employed popular singer Will Young who worked at Harry’s during his final year at nearby Exeter University.

Samantha Pounds, owner of Harry’s Restaurant, said: “I wanted to secure the future of my business, the whole family has put a lot of hard work and dedication into it over the years and we have built a loyal customer base. I contacted Lloyds Bank Commercial Banking on recommendation, and was very pleased with the interest and guidance of the local relationship manager, Martin Potts – he clearly understood my business and the local restaurant market, providing a perfect solution to my requirements.

“I agreed the decision to get a commercial mortgage was the best option and it means I don’t have to worry about security in the future. My lease was rapidly running out but now I have the mortgage, I can continue to grow the business. I have the freedom to make changes and develop the business further.”

Martin Potts, relationship manager at Lloyds Bank Commercial Banking, said: “This restaurant is part of a much loved heritage in Exeter, one I have used for many years, so I was very pleased to be given the chance to show Samantha how Lloyds Bank Commercial Banking can support her business journey. The commercial mortgage has given Samantha control and she can now make plans for a long-term future for her children and the premises.

“At Lloyds Bank Commercial Banking, we offer commercial mortgage facilities as part of the Funding for Lending Scheme which means the customer will receive a one per cent discount on the life of the business loan as well as being able to borrow up to 70 per cent of a property’s value. I wish Samantha and her family continued success for the future.”