Chatime UK, a bubble tea brand with over 30 stores around the UK and more than 1,000 stores worldwide, has secured £150k funding with support from First Enterprise – Enterprise Loans for stock purchases.
The funding was obtained through the Big Society Capital (BSC)’s Community Investment Enterprise Facility (CIEF), backed by the Recovery Loan Scheme (RLS).
Chatime has been one of the pioneers to bring the “bubble tea” revolution to the United Kingdom. Its popularity extends beyond the Asian community, establishing a widespread presence across the UK with numerous locations, both company-owned and franchised, from big cities such as London, Belfast, Cardiff, Manchester, to other vibrant ones like Birmingham, Nottingham, Leicester, Lincoln, Milton Keynes, Oxford, Cambridge, Liverpool, and many more.
Peter Wong, the Founder of Chatime, is known as a diligent and optimistic entrepreneur. He has embraced a continuous learning mindset in his initial business venture, drawing valuable lessons from his mistakes and actively seeking ways to grow the business. Beyond store expansion, Peter aims to enhance the product range and introduce food options.
The funding from First Enterprise – Enterprise Loans will be allocated for stock purchases to support Chatime’s expansion into the food offering. Additionally, it will be used to enhance advertising spend which helps promote the growing food offering in the upcoming months.
Peter Wong, Founder of Chatime UK, commented: “Since founding the business in 2012, we’ve successfully established the Chatime Bubble Tea brand as a U.K. market leader. However, COVID stagnated our growth and we were potentially going to experience a decline. We needed to rethink our strategy and concluded that there were many opportunities post pandemic. We’re therefore excited to put the funding to good use, starting by investing in stock purchases to support store production and improve customer experience in a highly competitive market.”
First Enterprise – Enterprise Loans provides government-backed business loans ranging from £500 – £250,000 for start-ups and SMEs that are unable to borrow from traditional high-street lenders. The not-for-profit organisation reinvests profits into loan funds to further support economic growth and job creation in the local communities.
Matthew Wright, Investment Manager at First Enterprise – Enterprise Loans, commented: “We are delighted to have assisted Peter throughout the loan application process. Peter’s hard work, positive mindset, and ability to learn from his experiences have been truly inspiring. I believe in his vision for Chatime UK and am confident in its continued success. I wish Peter and the entire Chatime team the very best as they expand their offerings and continue to make their mark in the industry.”
Alastair Davis, CEO at Social Investment Scotland commented: “Working in partnership with Big Society Capital and First Enterprise – Enterprise Loans, we are pleased to support Chatime UK through the Community Investment Enterprise Facility and we wish Peter and his team well as they continue to grow the business.”
