Prospective franchisees looking to join the Jimâ€™s Group network could receive start-up loans as part of the companyâ€™s growth strategy, with founder Jim Penman seeking a pre-IPO backer.
Itâ€™s been announced Penman, who franchised Jimâ€™s Group in 1989, is seeking a pre-IPO backer or backers willing to invest around $10 million into the service franchise company.
The ultimate aim of the plan is being able to provide start-up loans to franchisees because, according to Penman, the network loses â€œhundreds of sales a yearâ€ because the banks refuse to lend money to new franchisees.
â€œOne of the main reasons for the float is to be able to offer vendor finance to franchisees. There is actually a huge demand for franchises,â€ Penman says. Read more.