Luca Venditto, an East Sussex entrepreneur, has secured a package in excess of £1m to expand and develop his hospitality businesses in Bexhill-on Sea, East Sussex.
The funding has enabled Venditto to acquire a private members’ restaurant (pictured) in an idyllic waterfront location in Bexhill. The restaurant, called Waterfront, was acquired with a £500k, commercial mortgage loan from HSBC.
This also allowed Venditto to invest in refurbishing the restaurant to a high standard, offering the local community a unique facility to wine and dine whilst enjoying a spectacular view of the beach. The new restaurant has also created 10 new jobs for the local economy.
HSBC also supported Venditto’s ambitious career plans with a funding package of £558,800 to acquire part of another building in Bexhill, which now hosts Rocksalt-on-Sea, a bar brasserie, and Seaspray Rooms, a boutique guesthouse.
The acquisition has allowed Venditto to extend his existing restaurant, Italian Way, enabling him to achieve three years’ worth of sales in his first year of opening. The restaurants and guesthouse also created employment opportunities in Bexhill, with 10 new employees.
Victoria Mutter, HSBC’s Area Director in Gatwick and East Sussex, said, “Luca Venditto is a passionate, hardworking entrepreneur with an ambitious mind set, aspiring career plan and successful career history, making him a key player in East Sussex. It has been a pleasure supporting him with his current successes in Bexhill and we’re excited to see how each business grows over the coming years. He is a great example of how HSBC is dedicated to identifying and supporting local entrepreneurs as they play a vital role in society – creating jobs, driving economic growth and innovating new products and services.”
Venditto added, “I was very impressed with HSBC’s hospitality and property credentials and, in particular, the team’s approach and willingness to understand my business plan and what I want to achieve. I’ve been a customer with HSBC for over 15 years and the bank has played a crucial part in helping me realise my business ambitions.
“I am thrilled to have opened the new restaurants and guesthouse in Bexhill. We have had feedback from residents saying that the facilities are exactly what Bexhill needed which is an excellent response from the local community. I am currently working on an exciting new project and look forward to working with HSBC to progress this forward.”