Close Brothers Asset Finance will provide Brand Consortia, a UK designer and manufacturer of signs and graphics, with a term loan to support the business through Covid-19.
The loan, backed by the Coronavirus Business Interruption Loan Scheme (CBILS), will see the Oldham-based business through until it can return to normal working conditions.
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Prior to Covid-19, Brand Consortia was set to achieve a record year. However, the majority of their orders were delayed for at least eight weeks as the restrictions took hold.
Managing director of Brand Consortia, Brad Tupman, said: “Pretty much the entirety of our workload has been suspended because the type of work we undertake involves site visits; these are critical to our work and have been pushed back to until the pandemic settles down.”
“We have supply agreements in place with our customers and we’re confident in fulfilling our orders once we’re allowed on site again.”
Unfortunately, the firm was not eligible for either a small retail grant, business rate relief or any of the larger schemes available. Consequently, the firm turned to CBILS for financial support.
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By GlobalDataClose Brothers Asset Finance
CBILS, offered through the British Business Bank, provides financial support to smaller businesses across the UK that are losing revenue and seeing their cash flow disrupted.
Tupman said: “We’re grateful Close Brothers Asset Finance really stepped up, continuing to help businesses like our own while other lenders were not looking to take on new customers.”
Matthew Sproston, area sales manager for the Close Brothers Asset Finance Manufacturing division, said: “We are delighted to have been able to support a British manufacturing business at a time they needed it most.
“The directors approached us for forbearance on their existing agreement, which was granted. They also needed a cash injection to provide working capital and help cover the new costs associated with adapting to social distancing measures in their manufacturing facility. The funds will provide the working capital they require to trade out of the pandemic.”
