Subway franchisee Michael Peasgood secures funding via River Capital in Liverpool to open second outlet and create up to eight new jobs. Tony McDonough reports

Subway franchisee Locally Owned is to open a second outlet after securing a “significant five-figure investment” via River Capital in Liverpool.

Entrepreneur Michael Peasgood is the owner of Locally Owned and the business has already established an outlet of the sandwich chain in Ormskirk. Now he will use the new cash injection to open a second Subway in Fazakerley.

He has secured the funding in the form of a loan from NPIF River & GC Microfinance, which River Capital manages in partnership with GC Business Finance as part of the Northern Powerhouse Investment Fund.

Michael said: “We’re incredibly grateful to both River Capital and the Northern Powerhouse Investment Fund as we embark on adding a further store to our Ormskirk location.

“By increasing our presence, we are not only ensuring further success for ourselves but can provide more options to our communities while creating new jobs.

The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund.

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Andy Jones, investment manager at River Capital, added: “We are thrilled to fuel Locally Owned’s continued growth through this investment and support

“This loan isn’t just about reopening a store, it’s empowering a local business to ensure a global favourite is again available in this part of the city region, while fuelling the local economy with fresh opportunities.

“We hope to build on this relationship with Michael and be his funding partner as he embarks on his growth journey to add further Subway stores to his portfolio.”