A NEW way to watch films has arrived on the North Yorkshire Coast thanks to funding provided by One Stop Business Finance.

The lending specialist completed a debt and equity deal to provide funding to support the establishment and growth of Scarborough based film company Moonlight Drive In Cinemas Ltd.

Moonlight Drive In Cinemas now has its first venue in Crossgates close to the A64 in Scarborough which opened for business in July.

The majority of One Stop Business Finance’s work relates to secured lending but with Moonlight Drive-in Cinema they also took an equity stake in the business and provided a loan from their own funds.

The combination of the cash injection and the business expertise and advice received from One Stop Business Finance has enabled Moonlight Drive-In Cinema’s boss, Ben Stonehouse, to realise his dream of running a drive in-cinema.

Moonlight Drive-in Cinema has created six new jobs in Scarborough and has boosted tourism by offering a new activity for residents and visitors to the seaside town.

The support One Stop Business Finance has provided to Moonlight Drive-in Cinema enabled a new company to be established and wealth has already been created which will be directed into further investment for the business. The deal has now been submitted for the Corporate Investment Award by One Stop Business Finance.

Andrew Mackenzie from One Stop Business Finance said: "The majority of our business relates to secured lending and this is the first transaction we have done which takes an equity stake in our client’s business and also provides a loan from our own funds.

"The idea of a number of Moonlight Drive In Cinemas across England excites me and the high calibre of Ben and his team, the young entrepreneur running the business, made it very investable."

One Stop Business Finance is seeking further funds to undertake even more of its own lending; offering SME clients options when more conventional finance brokerage solutions don’t work.

By taking clients through a lending process, the most appropriate and cost effective borrowing solutions are developed. The business is an accredited broker/sponsor with a number of peer to peer lenders and also has a number of preferred partners in respect of hire purchase lending, invoice finance, and commercial property.