Close Brothers Asset Finance has provided specialist designer and manufacturer, Brand Consortia, with a term loan backed by CBILS to help the business through the COVID-19 period, putting it in a positive position once site working is deemed safe again.
Based in Oldham, Brand Consortia specialises in the design and manufacture of signs and graphics for high-profile customers. Prior to the COVID-19 outbreak, the business was on track to post a record year. However, the bulk of the company’s order book was postponed for a minimum of eight weeks because of the outbreak.
Matthew Sproston, area sales manager for the manufacturing division at Close Brothers Asset Finance, says: “We’re delighted to have been able to support a British manufacturing business at a time when 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.”
Brad Tupman, managing director at Brand Consortia, adds: “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.
“We weren’t eligible for the small retail grant, business rate relief or larger schemes, and had been looking at CBILS as a financing option,” he continues. “We’re grateful that 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.”
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