Europe’s first ‘social ping pong club’ boosted by £750,000 funding from RBS
Bounce’s loan facilitated by government-backed Funding for Lending Scheme
An innovative new table-tennis-themed bar has launched in London, thanks to £750,000 worth of funding from the Royal Bank of Scotland (RBS).
The loan comes from RBS’ £2.5bn fund dedicated to small and medium sized businesses, which is financed by the government-backed Funding for Lending Scheme. RBS was also supported by the Enterprise Finance Guarantee loan (EFG), through which the government guarantees 75% of any loans made.
Co-founded by table-tennis player Dov Penzik and co-founder of All Star Lanes bowling Adam Breeden, the Holborn-based bar boasts 16 solid oak table tennis tables and a restaurant to seat 130 guests, as well as a cocktail bar housing three private table tennis tables. The new £1.8m venture intends to accommodate 30,000 customers in its first year and plans are already in motion to open new sites at Canary Wharf, East and West London.
Adam Breeden, co-founder and MD of Bounce is looking to the future of his new venture. He said: “It’s not easy setting up a business in the depths of the worst financial crisis in living memory and being a start-up in the leisure sector has made it no easier, especially when looking to secure bank funding.
Without the facilities from RBS we wouldn’t have been able to complete the project and be in a position to move forward as we plan to open more venues across London. “We are also looking to expand internationally and are interested in growing the Bounce concept abroad through franchising once the core business in the UK is fully established.”