BCRS provides £200,000 funding for Italian restaurant expansion

A family-run Italian restaurant in Worcester is set to expand its operations and create six new jobs after securing £200,000 in funding through BCRS Business Loans.

Benedictos, based in Worcester city centre, has received funding from the Midlands Engine Investment Fund II (MEIF II) and Community Investment Enterprise Fund (CIEF) to develop a new Italian wine bar, café and four boutique guest rooms.

The investment will enable the restaurant to increase its seating capacity from 130 to 145, introduce a new lunchtime menu and extend its opening hours, helping to diversify its revenue streams and attract additional customers.

The expansion is also expected to increase the restaurant’s workforce from 25 to 31 employees over the next 12 months.

Established in 2003 by co-owners Gaetano Cinao and Gianluca Tilotta, Benedictos has grown over the past two decades, adding two additional floors for events and dining, an outdoor terrace and wine-tasting experiences.

Cinao said the business had reassessed its growth plans following the Covid-19 pandemic, identifying opportunities to diversify its offering and increase weekday trade.

“After Covid, the business had the opportunity to reset and look at our plans for growth. We realised we needed to diversify to encourage weekday trade, good quality accommodation and a dedicated area for customers to have a drink before their meal. This is where our plan to create a wine bar, café and accommodation came to fruition.”

He added: “BCRS were great and took the time to understand the business and our vision for the future.”

Angie Preece, Senior Business Development Manager at BCRS Business Loans, said: “This loan will help them diversify their offering, increase capacity and welcome even more customers through their doors. At BCRS, we’re committed to backing ambitious SMEs that make a real difference in their communities, and Benedicto’s is a perfect example of that.”

David Tindall, Senior Investment Manager at the British Business Bank, highlighted the importance of supporting established SMEs with ambitions to grow.

“This is a good example of a family run business with a clear ambition to grow while staying true to what has made it successful.

“It’s particularly encouraging to see the business investing in its people and we’re pleased to have supported Benedictos on the next stage of its journey and look forward to seeing the business continue to thrive.”

BCRS Business Loans provides finance ranging from £10,000 to £250,000 to SMEs across the West Midlands and Wales that are unable to secure funding through traditional lenders.

The £62m Community Investment Enterprise Fund, backed by Lloyds and Better Society Capital and managed by Social Investment Scotland, aims to support 800 small businesses and 10,500 jobs nationally.

Meanwhile, the Midlands Engine Investment Fund II, supported by the British Business Bank, is designed to improve access to finance for smaller businesses across the Midlands.

Since 2002, BCRS has delivered more than 2,300 loans totalling over £110m, generating more than £500m in economic impact.