Hangar 5 is a really exciting project and something new for the whole of Wales (let alone Pembrokeshire). It is Wales’ first dedicated indoor trampoline park with 100 interconnected trampolines (10,000 square feet) with special features such as angled walls, tricks airbag, slam dunk basketball, dodgeball court, grab bags, volleyball.
The owners of the park (Kevin and Mandy) were referred to Landsker by their bank after the couple approached them for a loan to help develop the trampoline park. Although the bank manager could see the potential of the new development, Kevin and Mandy did not have the appropriate documents setting out the proposition i.e. business plan, financial plan, market research, competitor research etc. As Landsker has supported many clients in similar situations before, the bank suggested that the couple speak with us to see if we could help to develop the appropriate evidence with the client.
In addition, as with most projects, the bank would also only fund a certain percentage of the project, so part of our brief was to help establish a ‘portfolio’ of other potential funders and help in the application process for these.
As such, Landsker helped to establish the following documents:
It is important to note that far from just being a tool to access funding, these documents helped to clarify Kevin and Mandy’s vision and prove to themselves that this was a viable venture. This included building financial projections that were fully interactive and from which a number of scenarios could be run quickly. For instance by changing a single figure for the admissions charge (in either peak or off peak seasons) it was easy to see how different pricing strategies would affect the bottom line. Similar functionality allowed quick amendments to other factors such as cost of bouncing socks, average additional spend (in onsite café), number of different clubs and charging strategy for these, party assumptions (number, average attendance, pricing), number of general bouncers (in peak and off peak seasons) etc. These financials were really powerful in helping to identify and make decisions on various aspects of the project, prove that it was viable (even on reduced results than those projected), and produce detailed assumptions so that funders could understand the different aspects of the project and the assumptions that were made for each of these.
As a result, successful funding was sourced from:
Having first approached Landsker in February 2015 (after Mandy had originally had the spark of inspiration for the project after seeing a similar venue on the TV programme American Housewives in November 2014), the park was opened in July 2015 i.e. all documents were produced and sent to funders, approval of funding received, and all capital development works completed, and all within a 6 month period which has allowed the business to be open for the busy tourism season which is an important part of the business model.
For more information about Hangar 5 Trampoline Park please visit their web site at www.hangar5.wales or visit them at Hangar 5, Fishguard Road, Haverfordwest, Pembrokeshire, SA62 4BY (on the county show ground just up the road from Vincent Davies on the Haverfordwest to Fishguard road).