The UK’s fastest-growing geek culture experience franchise, Geek Retreat, is expanding its presence in Wales after securing finance from the British Business Bank’s Start Up Loans programme.
Geek Retreat Cardiff has already opened in the Morgan Arcade by owners Kayleigh Miller and her partner Morgan Stewart-Norris, while Geek Retreat Newport, led by business partners Liam Powell and Craig Harrhy, is set to open in March.
The two stores will be the second and third Geek Retreat sites to open in Wales after the first in Llandudno.
The Newport site has secured a £50,000 loan with the Cardiff venue £25,000..
The British Business Bank's Start Up loans programme provides government backed loans of up to £25,000 per individual, up to a maximum of £100,000 per business, facilitated through delivery partners in Wales like Business In Focus based in Bridgend.
In addition to finance, successful applicants receive 12 months of free mentoring and advice.
The programme has delivered more than 4,000 individual loans to entrepreneurs in Wales over the past nine years, worth over £40m.
The British Business Bank, which is the economic development bank of the UK Government, has a UK-wide lending remit to SMEs through debt and equity.
Ms Miller said: “The loan was vital for us, setting up a business is scary and not knowing where to start can be very difficult but being able to access funding to help with the initial set up makes the process a lot less intimidating.”
Mr Powell said: “I’m 29, and so while I had some money saved I had nowhere near the amount of capital required to make becoming a Geek Retreat franchisee a reality. If it wasn’t for the Start Up Loan from the British Business Bank, I would still be working my regular job to pay the bills.”
Beth Bannister, senior manager for Wales at the British Business Bank said: “The opening of these new Welsh Geek Retreat locations, led by four young and driven entrepreneurs is exactly why our Start Up Loans programme exists.”
She added: “It is critical to our economy that the likes of Liam, Craig, Kayleigh and Morgan are given the best chance of success in their business ventures. Despite the difficulties of the last two years, Wales remains a fertile place for smaller businesses to establish and grow.
“In fact, since the onset of the pandemic we have seen record numbers of new firms being created, and we want to give them every opportunity to grow and thrive.”
A retailer, gaming cafe and events hub, Geek Retreat opened its first store in Glasgow in 2013.
The brand has rapidly grown its national franchise-base since then and currently has 46 stores across the UK with ambitions of reaching 200 stores in the UK and Europe in two to five years.
As part of its expansion plans, Geek Retreat started working with professional development service Why Leadership in March 2020 and invited the chief executive and founder, Graeme McKinnon, to be chair to the board in September 2021.
The rapid growth of the Geek Retreat brand follows the rise of the multi-billion pound geek economy in recent years, a trend accelerated by the pandemic that saw the likes of online gaming providing entertainment for many people throughout the last two years.
