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IT MAY HAVE been frying up for over a century, but that doesn’t mean iconic chipper Leo Burdock won’t try something new.
Dublin’s oldest fish-and-chip chain, which now has 6 outlets across the city after opening its first shop in Christchurch in 1913, wants to tap its own customers for €50,000 to expand its Temple Bar outlet.
It has turned to Ireland’s biggest crowd lender, Linked Finance, for the fundraising campaign – the largest in the site’s history.
Derek Duggan, from the chipper chain, admitted to TheJournal.ie that the move was a bit of a publicity stunt, but he said it was also a way of raising money while also giving its customers a good return on their investment.
“The publicity is good for everybody, but I don’t think any business should shy away from trying new things,” he said.
We are long-established – 100 years is a long time – maybe it’s time for the everyday person to get a bit more interest from different sources.”
How it works
The crowd-lending site, which makes its money through charging fees for both borrowers and lenders, allows people to loan anywhere from €50 to €2,000 towards a total at annual interest rates of between 5% and 15%.
Borrowers, which Linked Finance vets before their pitches go live, can approve or knock back the bid based on the amount on offer and the proposed rate.
Leo Burdock has set a target interest rate for its 3-year loan of 8.5% and has raised about €5,000 so far.
Duggan said traditional lenders were “nothing near as approachable” as they once were and crowd-lending meant the interest payments flowed to regular people, rather than bankers.
“We are a relatively small business and I think a lot of small businesses have found that banks are quite strict despite advertising about how they’re lending,” he said.
(Crowd lending) means you get a lot of commitment from people – they can be both our customers and our backers, instead of the interest going to bank officials sitting in their ivory towers or in their air-conditioned offices.”
Linked Finance founder Peter O’Mahony said the Leo Burdock offer was the company’s “most exciting loan to date” and it showed banks were unable to deliver the quick turnaround on finance that businesses often needed today.
The Irish lending site was launched in March last year amid concerns that domestic small and medium enterprises (SMEs) were far too dependent on banks for their borrowing and should look at more peer-to-peer options.
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You simply can’t beat the original one in Christchurch. Eating from the others isn’t the same.
@Jason – you’re a chip off the old block.
Loads of the Italian chippers around town have better tasting fish and chips than burdocks.
The fact that they’ve raised 10% already is a ray of hope. I’m sure they won’t end up in the ha’penny plaice
*gets coat*
Agree 100%. The quality for fish AND chips doesn’t transfer between sites.
I used to live a few minutes walk to the Christchurch Burdocks. Always cured a hangover… I swear it must have been laced with some sort of wonder drug for curing what ails ya! :-)
I’m gonna get slaughtered for this but Burdocks chips are soggy. There I’ve said it.
Not today! Deliciously crispy, my son hates soggy chips and he couldn’t get enough of them.
They look soggy!!
Thank you Paula, you’re my kind of commentator!!
The blanket chip guarantee of September 2008 has really impacted the punters and I think we’re now in a position where we’ll have to nationalise the chippers. The Irish Chipper Resolution Company (ICRC) will be in a position to take up Burdock’s order book while unsecured chip holders face the potential loss of a cod n’ a large.
Too late Charles a certain Bank of Somewhere has already and away from the prying eyes of its owners moved in on the chippers … some say when the owners find out the bankers will be scalded ……
Brought my 4 year old son there today for his first time. We sat outside in the drizzle, unwrapped the paper and he devoured every last one. Old school, but even my son said they were the nicest chips in the whole world.
Feeding a 4 year old deep fried crap. Classy.
Jimbo..it’s called a treat ;-)
More like a rite of passage
Already tapping customers for extra with the extortionate prices…
I really miss fish and chips. There’s no chippers of any sort here!
Where is here?
Leitrim.
Burgas, Bulgaria.
Is this article true or are ya only Cod-ding !!
You battered yourself ole boy
Something fishy about the whole thing !
It’s wreaks
Your last line makes no sense – go away and mullet over. ..
Burdocks should bring some of the memorabilia to the Prawn shop to raise a few Bob.
Here lads this is not the plaice for a row.
Now Diarmuid,stop acting the Pollocks and be less shellfish :)
Things are just getting batter and batter.
I remember years ago after a bit of. A session going in there just before closing and coming out with enough fish & chips to feed a small army- rather than chuck the food in the bin they gave it to the few remaining customers, the one in Christchurch makes the best chips in the world.
Publicity stunt my arse, it’s a high interest loan with the highest amount requested on linked finance. Something fishy & chips going on.
Something doesn’t sound right with this…
I miss my Birds Docks.
Anything for these guys- love-Leo’s – to keep the 1&1 crisp don’t let them wrap up in the paper –
I have them just put in the bag please :-))) if only 1 serving.
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