Autoparts recycler keeps Royal Mail on the road with bank support
One of the UK’s largest vehicle recycling businesses is set to continue supporting essential services clients, including Royal Mail, with the support of Lloyds Bank.
Family-owned Charles Trent Ltd, which recycles more than 50,000 vehicles for parts each year, had seen a 70% fall in demand for its products with fewer people using the roads and salvage centres as a result of government measures to tackle coronavirus.
With the support of Lloyds Bank, the Poole-headquartered business has secured £1.75m of new funding via the Coronavirus Business Interruption Loan Scheme. The funding will enable the firm to maintain its overheads, including paying its suppliers and insurers, while continuing to provide parts to commercial fleets – including for long-standing client Royal Mail.
The funding will also help the £30m turnover firm to retain jobs, having initially furloughed around half of its 200-strong workforce.
Marc Trent, managing director of Charles Trent Ltd, said: “With such a drastic drop in road usage, our overall revenue has fallen significantly, putting pressure on our cashflow. Fortunately, we’re able to continue supporting individual customers via sites like eBay while helping commercial clients like Royal Mail to keep the world turning.
“While we’re able to continue processing existing stock, we operate a model that is hard to slow down but also difficult to bring back up to speed immediately. Lloyds Bank’s advice was swift and has provided us with the confidence to navigate immediate challenges while being prepared for the long-term.”
Mike Bilson, relationship director at Lloyds Bank, said: “We’re proud to be by the side of businesses, including those supporting essential services and key workers. By getting Charles Trent the support it needed we have been able to help it face into the challenges posed by the lockdown and support its suppliers and team.
“We’re working with businesses across the region and country to guide them through these tough times and help them access the support that’s available, including through CBLIS.”