- The borrowing entity, Fairmilehead Ltd, is owned and led by Dallas Rhodes, who has over 30 years’ experience in the property industry, across retail, office, and residential;
- The site, Parsonage Way, is an established retail park in Leigh, Greater Manchester with neighbouring retailers including Greggs, Halfords, Costa, Sainsburys, TK Maxx and KFC;
- Starbucks has a long-term strategy to develop EV charging points at its drive-thru outlets, and is already doing this in the US via a partnership with Volvo;
- According to Savills, demand for drive-thru food & beverage (F&B) is at a 10-year high, with their popularity having grown significantly during the pandemic.
OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has provided a £1.47m loan to fund the purchase of a 1,500 sq. ft. site at Parsonage Way Retail Park in Leigh, Greater Manchester, and in its place, develop a Starbucks drive-thru and two EV charging points.
The project is being led by Dallas Rhodes, who has over 30 years’ experience in the property industry, across retail, office, and residential. From 1984 to 1990, he worked as an agent gaining experience in the property management and investment sectors. In April 1990, he established his first Asset Management Company providing a bespoke service managing the property interests of retained clients. In addition, he now holds executive positions in a number of investment and development vehicles, specialising in projects across the commercial, leisure and residential sectors. He has been involved in multi-million pound transactions both as principal and as agent for institutional clients, private property companies, and major retailers.
Dallas Rhodes, Director of Fairmilehead Ltd, commented on the transaction: “I have had the pleasure of working with OakNorth on some of my previous projects, so knew they were the right banking partner for this. The team know the market, are highly commercial in their approach, and have a genuine passion for supporting entrepreneurs like me. This is a project I’m very excited about – the drive-thru market has seen significant growth in recent years, solidifying its position as a vital and thriving segment within the broader retail industry. It will continue to draw in new entrants eager to expand their offerings, while also serving as a growth area for established businesses such as Starbucks which is already one of the most acquisitive brands in this space.”
Fraser McPhail, Director of Debt Finance at OakNorth, continued: “Dallas Rhodes has strong relationships with drive-thru operators, having successfully completed similar developments for retailers such as Greggs and McDonalds in the past. He has over three decades of experience in the property industry, so is a pro at identifying high-potential sites, and forging the strong relationships needed with retailers to make them a success. There were over 100 new drive-thru openings across existing retail and shopping parks throughout the UK in 2023 – making this an exciting and attractive pocket for growth and funding within the broader retail industry.”
Dallas was advised by Lynsey Roberts, Director at Altruistic Commercial Finance.
ENDS
Notes to editors
About OakNorth
Launched in September 2015, OakNorth is the neobank for entrepreneurs, by entrepreneurs, empowering scale-up businesses (£1m-£100m turnover) to support growth, prosperity, and innovation for the benefit of all.
Since its launch, the bank has:
- Lent over £10b to these businesses, directly helping with the creation of 47,000 new jobs and 29,000 new homes across the UK.
- Raised deposits from c.254,000 savers.
- Achieved performance metrics (ROE, ROA, cost-to-income ratio, etc.) that place it amongst the top 1% of commercial banks globally.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit www.oaknorth.co.uk for more information.
Media contact
Valentina Kristensen, Corporate Affairs Director at OakNorth – [email protected] / [email protected] / 0757 234 9009