A husband-and-wife team are bringing a South Devon record store into the 21st century with the help of a Start Up Loan.
The £5,000 loan, secured with the assistance of not-for-profit lender GC Business Finance, was used to update the shop’s branding, website and online sales provision.
Lifelong vinyl fans Roger and Marsha Cox took over Phoenix Sounds in Newton Abbot in 2022 upon the retirement of its previous owner. “We were regular customers, and one day, sales assistant Jackie asked us, half-joking, ‘Would you like to buy the shop?’” recalls Roger, a fan of 80s music including Simple Minds and Depeche Mode.
“We replied: yes, please! It was a huge step – we had to remortgage the house. At the time, I was working 80-hour weeks as an area manager for a cleaning company. In contrast, this isn’t work – we both love music. It was a no-brainer.”
Roger and Marsha soon realised the store needed to embrace the digital age, in terms of stock and sales, if not physical product. The website is now linked to the till system so sales can be monitored on a real-time basis and orders placed promptly. “Prior to that, everything was done manually, meaning things were more likely to go out of stock.”
Vinyl makes up 80 per cent of sales, from classic artists such as Elvis and Pink Floyd to 2020s acts including recent Brit winner Charli XCX, Raye and Fontaines DC.
The busiest times of year are Christmas and Record Store Day (this year Saturday, April 12), with queues of up to 200 people waiting for the doors to open at 8am. “We are the biggest store in the South West for Record Store Day, so distributors make sure we get what we want,” says Roger, who is keen to maximise online sales as well to keep business ticking over for the rest of the year.
Start Up Loans is part of the British Business Bank and offers government-backed personal loans of up to £25,000 at a fixed rate of interest and free mentoring to help anyone start or grow a new or early-stage business.
Roger said: “We chose our lender by looking at the rates offered and exploring what the Government had put in place for small businesses. We did consider other finance sources, but their rates were higher. In contrast, looking at our needs, the Start Up Loan was perfect – it has a low interest rate and full support to grow the business, and GC Business Finance made the application process smooth and easy.
“The Start Up Loan has made a huge difference to us. Without it, we couldn’t have proceeded with the new website and linked till system. We’d recommend it to any new business looking to expand, as the advice available is second to none and free to help with any difficult decisions.”
Alex Mearns, Head of Startup Lending at GC Business Finance, said: “It’s fantastic to see Roger and Marsha using the Start Up Loan to support the modernisation of Phoenix Sounds.
Their passion for the music store is clear to see, with the couple putting their own assets on the line to buy the much-loved local business. It’s been great to support them on the next stage through the Start Up Loan and we wish them all the best.”
