Page 30 - Microsoft Word - Hot Shots CIM Version 1.9.2 Final
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Client Direct Items Cost
Legals 50,000
HG&L Management fee 500,000
4,446,200
Total development cost 14,435,400
Total cost assumed before value engineering 14,435,400
Contingency 3.50% 505,239
14,940,639
Value engineering reduction off total -1,000,000
Target total 13,940,639
Funding Allocation on Financial Close
Professional team creditor clearance 508,827
Howsam Loans Incl interest 367,797
Keeping Inn loan 61,667
Directors Loans 95,280
Costs of operation prior to opening 435,083
Working Capital prior to Centre opening 500,000
1,968,654
Development Total 15,909,293
Funding Surplus 90,707
An equity investment of £8m is proposed, which will be applied to funding the repayment
of the seed funding loan and the start-up costs of both HG&L and HNL and the
development of the Newcastle Centre as well as its opening promotion costs and
working capital needs. Up to £1.5m will meet pre-close costs, as in the HG&L plan. It will
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