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June 2, 2020

Holiday firm is planning for sunnier times

A holiday company says it is planning for the future and looking forward to welcoming its customers back, thanks to support from Lloyds Bank.

Alfa Leisureplex Group has secured a £17m credit facility, including a £5m Coronavirus Business Interruption Loan Scheme (CBILS) loan from Lloyds Bank.

The funding will be used to support the business in the wake of the Covid-19 crisis and follows on from a £1.9m overdraft extension that was put in place by Lloyds Bank at the end of March.

The Alfa Leisureplex Group takes over 115,000 people on holiday every year with a fleet of 48 state-of-the-art tourist coaches and has 22 seaside hotels across the UK, including in popular resorts such as Newquay and Llandudno.

Managing director Emma Russell said: “Lloyds Bank has given us the financial support we’ve needed during this difficult period. The bank put emergency overdraft funding in place within 48 hours during the early stages of the crisis. The facility provided immediate assistance, enabling us to refund our customers.

“Over the past few weeks we’ve worked with Lloyds Bank on a broader package of support. The new facility means that we haven’t had to make difficult decisions in relation to our staff and our customers. We’ve been able to use this period of closure to design and shape our future holiday experiences. We will be introducing a new range of weekend short coach breaks in 2021 incorporating ‘must see’ events across the UK. We’ll also be adding more pick up points as we recognise that more people may choose to holiday closer to home in the future.

“Whilst we are waiting to resume operations, we have been working on our plans to safeguard our customers and teams when we re-open, so that our guests can continue to enjoy our holidays and service, knowing that their safety is our priority.”

The £43m turnover business, which is based in Chorley, Lancashire, is 75% owned by its 710 employees, who each receive an equal share of the company’s profits.

Emma continues: “The word most used to describe the business in our recent employee survey was ‘family’ and our customers are also an integral part of our Alfa Leisureplex family. We are really looking forward to being able to open again later in the year and welcome our customers back on board.

“A lot of our customers are over 50 and we wanted to make sure that they could stay connected during these times, so we have established a community group on Facebook where people can share happy memories of their holidays and have conversations with like-minded people.

“When we closed in March we had no choice other than to put a large proportion of our team on furlough and we are looking forward to welcoming our teams back to work. Being employee owned has really shaped the culture of our business and many of our employee owners are missing being at work.

“We’ve banked with Lloyds Bank for over 10 years and they have been a big part of supporting our growth and making sure our business is in the best position to build on its success in the future. John, our relationship director has been a phenomenal support throughout this time and the bank has really been by our side.”
The company has been offering customers whose holidays have been cancelled the option of either postponing their trip to a later date, getting a credit note valid until the end of 2022 or a full refund.
John Csizmadia, relationship director at Lloyds Bank, said: “Alfa Leisureplex is a prime example of a business that was in good health and trading well before the COVID-19 crisis hit. It now just needs a bit of support to get through this period where it has had to put its business on hold.
“There are lots of businesses across the UK in a similar situation and we’re doing all we can to help them through this difficult time.”

June 2, 2020

Nurseries secure Lloyds Bank support to stay open

A South Tyneside nursery group has been able to safeguard more than 100 jobs and secure its future after receiving a new loan from Lloyds Bank.
South Shields-based Early Learning Partnership operates five nurseries across the town, with 650 children enrolled on either private or government-backed plans.

The business was forced to close its doors in March following the government’s shutdown of schools and nurseries, and subsequently had to furlough all but a handful of staff needed to continue communications with parents and carers.

With the group experiencing a significant fall in revenue and facing cashflow issues, managing director Eammon Gribben turned to long-time banking partner, Lloyds Bank, for support and was able to secure a £200,000-loan through the Coronavirus Business Interruption Loan Scheme (CBILS).

The funding meant he could pay 40% of the wages for his team of 110 – topping up the furlough grant so each person could continue to take home 80% of their salary – as well as covering other business costs.

Eamonn Gribben, managing director at Early Learning Partnership, said: “When the lockdown was announced, we immediately turned to Lloyds Bank for support and, together, we drew up plans that would help secure our business’ future.

“This new funding has helped to ease the strain on our cashflow.
“It’s also given us the confidence to look ahead to a time when we’ll be able to reopen safely. We’re really looking forward to the day when we can welcome the children back.”

Danielle Fraser, relationship manager at Lloyds Bank, said: “Covid-19 has forced many businesses to make extremely tough decisions at a time of unprecedented challenge.

“We’re doing everything we can to support businesses affected the pandemic, helping them to ride out the storm so they can continue their growth journey once some degree of normality returns.”

June 2, 2020

Aldermore funds NHS PPE manufacturer, Mauveworx

Aldermore, the specialist bank, has provided capital funding to Mauveworx, a point of sale marketing company, which has moved to support the production of Personal Protective Equipment (PPE) for use by NHS staff in the fight against Covid-19.

Based in Dorset, Mauveworx ordinarily supply retailers with printed point of sale marketing materials but was inspired to produce face shields for NHS workers following the government’s lockdown. The company utilised its 3D designers, printers, and production team and within a week of the initial idea, Mauveworx, under a new sub-brand Medworx, began successfully manufacturing 50,000 masks. Since then, the company has scaled up production capacity further, currently producing 100,000 masks a week.

Mauveworx initially distributed its first PPE deliveries to Poole General Hospital, Dorset County Hospital and Bournemouth Hospital. The manufacturer is now continuing its efforts to supply health-workers across the country with the protective equipment they need. Their key challenge now is to find out where stock is needed most.

David Sinclair, senior relationship manager at Aldermore said: “Aldermore are incredibly proud to provide the working capital funding to support Mauveworx. During the initial onset of Covid-19, they, like many, saw their business affected overnight. But with out-of-the-box thinking and a talented team they were able to diversify, and in doing so help our amazingly brave frontline NHS workers to literally save lives! Well done to all of the team.”

June 2, 2020

Specialist SME funder sees further growth with another appointment

Business lender Reparo Finance is further strengthening its team with the appointment of Daniel Jones as business development manager covering the South West and South East as the firm builds its presence across the UK.

Daniel joins from Lloyds where he spent over ten years as a local business manager. With extensive experience in financial services and a focus on commercial lending, he has worked across a variety of sectors, including hotel, retail and leisure.

Daniel comments: “This is a fantastic opportunity to join a fast-growing, boutique firm that has carved out a niche for itself as a specialist lender, helping SMEs with their funding challenges. In the current difficult conditions, it is going to be more important than ever that businesses are able to turn to lenders who have a flexible, performance-based approach and can act quickly to provide support.

“I am a firm believer in building strong relationships with clients and look forward to working with businesses and brokers across the South West and South East to help provide lending solutions.”

Steve Richardson, sales director at Reparo, comments: “With his understanding of the needs of small businesses and his commitment to helping them thrive, Daniel is a perfect fit for Reparo. His skills and passion will make him a welcome addition to the Reparo team as we continue to extend our footprint, providing a much-needed alternative to mainstream lending across the UK.”

June 2, 2020

LendInvest updates bridging finance range reintroducing 75% LTV

LendInvest, the UK’s leading platform for property finance, has refreshed its unregulated bridging product suite relaunching higher LTVs up to 75% as the UK’s national lockdown eases.

Residential bridging rates start at 0.55% available up to 50% LTV, at 0.69% up to 65% LTV, and 0.80% up to 75% LTV with loan sizes available from £75,000 up to £15,000,000.

The lender has reintroduced its auction finance and bridge-to-let highest LTV products at 75% LTV at rates of 0.80%.

LendInvest has updated its development exit product with its highest LTV bracket increased to 70% LTV. Rates start from 0.55% with loan sizes available from £250,000 to £10,000,000.

The lender has also refreshed its commercial bridging suite. Semi-commercial bridging loans will now be available up to 70% LTV with rates starting from 0.79%, Commercial loans up to 65% LTV with rates starting from 0.90% LTV, and Land up to 65% LTV with rates starting from 0.90% LTV. Loan sizes for these products are available from £250,000 up to £15,000,000.

Justin Trowse, director for bridging finance at LendInvest, said: “As we continue to see more encouraging signs across the housing market with projects getting back underway, we feel confident in adjusting our product suite to meet the needs of our borrowers.

“Remaining open for business over the past couple of months has not only ensured we were available to our customers, but has also allowed us to quickly tailor our offering as one of the first lenders to reinstate our higher LTV products. We are hopeful that the coming weeks will see more positive news for both the country and the industry, and we are primed and ready to deliver finance to those who need it.”

June 2, 2020

Luxury toiletries business freshens up with £850k funding

Bibby Financial Services (BFS), has provided an £850,000 funding facility which includes invoice discounting and trade finance to H Bronnley and Co UK Ltd, a luxury soap and fragrance business which exports to partners worldwide.

H Bronnley & Co supply a range of high-quality soaps and fragrances, with a rich heritage dating back to 1884. Its reputation for luxurious and innovative products led to the business being awarded a Royal Warrant by King George VI, a warrant that it still proudly holds today.

The Bronnley brand operates within the large and robust health and beauty market, with the soap category particularly benefiting from recent changes in consumer behaviour around the world. The brand is sold in pharmacies, beauty stores and garden centres and has an ambitious plan to develop its position with an exciting new product development programme and an expansion of its user base.

BFS was recommended to H Bronnley & Co by Mike Hickman of Practical Business Solutions, who identified BFS as an ideal partner for the business. The funding facility structured by BFS’s corporate team includes trade finance support, which will help bridge the cashflow gap between buying from suppliers and receiving payment from customers. The funding will also allow the business to generate increased revenues from the UK and overseas to satisfy the increased demand for soap and hand wash.

Jon Osborne, director, H Bronnley & Co Ltd, commented:

“As a business with a heritage going back over 135 years, we wanted to partner with a funder that would take the time to get to know our business and understand our ethos.

“We have been impressed with the expertise and attention to detail BFS has shown to our business, and the funding they have provided is equipped to help us implement our global business strategy while preserving our cashflow. “

Luke Fitzsimmons, corporate manager, Bibby Financial Services, said:

“Upon being introduced to Mike and the team, we took the time to understand the company’s business model to allow us to identify where they required support. H Bronnley & Co is a great business but with a sizeable supply chain, and with so many international clients, it can be difficult to manage cash flow while also looking to grow and thrive. Trade finance allows a business to focus on the long-term.

“Despite these challenging times, BFS remains very much open for business and is committed to supporting SMEs. We are very happy to be supporting H Bronnley & Co on the next stage of their growth.”

June 2, 2020

Hope Capital launches new product range

Hope Capital today launches a new product range, taking into account the needs of individual customers and catering for the needs of different borrowers and their level of borrowing. The new set of products offers a MINI, MIDI and MAXI loan to choose from.

The MINI Loan starts at just £50,000 and goes up to £150k. This is the first time Hope Capital has been able to offer brokers and their clients loans from £50,000 and is a significant change to its product offering. Hope Capital will now be able to provide a suitable lending solution to even more borrowers.

The MIDI Loan starts from £150,000 and goes up to £500,000, with any loans above £500,000 falling into the MAXI Loan range. These three product tiers allow the loan to be constructed to meet the client’s needs.
Hope Capital has also revised its LTVs and rates in line with the new loan range. Interest rates available start at just 0.54% per month.

The new product range is part of the Hope Capital Custom Collection, which comprises six different products, features and options, all of which are designed to give the most suitable solution for the borrower.

The MINI, MIDI and MAXI loans are designed specifically for residential property and can be combined with other product features and options to meet clients’ needs. For example, there are options for zero fees and discounted rates, and they can also be combined with the existing Hope FleXi product.

By providing this collection of products, Hope Capital enables brokers to offer their clients a loan that is truly customised to meet their needs. Full details on the Custom Collection can be found on the Hope Capital website: https://hope-capital.co.uk/products/the-custom-collection/

Hope Capital continues to lend across mixed-use and commercial property and land as well.

Hope Capital is a leader in the bridging market and known to be a highly flexible and innovative lender. It is dedicated to service excellence, with a team of dedicated BDMs to help brokers to discuss their clients’ needs.

Gary Bailey, managing director of Hope Capital, said: “We’re proud to be launching this new product range which includes our smallest ever loan, starting at £50,000. As part of the new Custom Collection, these three tiers aim to meet the needs of the broker and borrower. Considering the current market, we’ve placed an emphasis on upfront affordability with the new products

“As always with Hope Capital, we aim to offer the utmost flexibility and speed whilst being transparent throughout the process.”

 

June 1, 2020

Allica Bank appoints Matthew Oakes as head of Prudential Risk

Allica Bank, the bank that seeks to empower small and medium-sized businesses, has today announced the appointment of Matthew Oakes as head of Prudential Risk.

It is a significant hire for the growing bank as it continues its expansion across the UK. In his new role, Matthew will have oversight of Allica’s prudential regulatory obligations and will work to pre-empt any potential changes that emerge as the regulatory landscape evolves. He will also monitor developments within the banking sector to ensure Allica Bank can rapidly respond to new challenges that arise, while making sure that its capital and liquidity are deployed judiciously.

During his career, Matthew has worked for a number of large banks, including HSBC and Standard Chartered. His most recent post was as chief finance officer of Union Bank UK Plc, where he oversaw financial and regulatory reporting functions.

Matthew Oakes, head of Prudential Risk at Allica Bank, said:

“I am delighted to be working for a bank that is dedicated to helping small and medium-sized businesses to thrive. Small businesses are the lifeblood of the UK economy and, especially at a trying time like this, it’s crucial they get the support they need.

“Bringing my experience to help build a new bank, which has such a clear and distinct mission, is an exciting prospect for me. Allica Bank is breaking new ground and developing an unrivalled digital capability for brokers and small businesses that is built on modern technology and human relationships. It’s incredibly rewarding to be part of developing this proposition.”

Mark Stephens, CEO of Allica Bank said:

“Matthew’s considerable experience, expert counsel and strong management will ensure that Allica Bank continues to expand in a rigorous and prudential manner.

“His addition to the team will bolster our growth efforts, meaning even more small and medium-sized businesses across the UK can benefit from our collaborative and innovative financial products, and local expertise.”

June 1, 2020

BREAL Zeta expands in the Midlands

Asset-based lending specialist, BREAL Zeta Commercial Finance, has bolstered its team with the appointment of regional business development Director, Geraint Regan.

BREAL Zeta CF is affiliated to a global credit fund that has $33bn of assets under management. The company offers structured asset-based lending facilities up to a £150m hold level that provide working capital and corporate structuring solutions to mid-market businesses.

A PwC qualified chartered accountant, Geraint Regan joins BREAL Zeta with over 20 years’ corporate finance and advisory experience, most recently at ThinCats where he was director, regional business development. He also gained significant transactional experience with EY, IBM and RBS and was director of corporate finance at Mazars before joining the alternative finance provider.

Commenting on his appointment, Geraint said: “I am delighted to join the vastly experienced and forward-driving team at BREAL Zeta. The Midlands is the engine room of the UK economy: an established financial centre with a strong manufacturing base, it has a vibrant intermediary community and an active and growing private equity presence. The time is right for BREAL Zeta to enter the local market as a highly credible and proactive ABL, with the necessary firepower to drive certainty into large complex transactions. In the current climate, it has never been more important to look at transactions on their own merits, to demonstrate understanding of the business in order to create optimal deal structures that work for all parties and to deliver flexible solutions at speed. This is an exciting opportunity and I look forward to articulating BREAL Zeta’s distinctive proposition to the market.”

Robert Wakeford, managing director, UK Sales, said: “Geraint is an outstanding addition to our team at BREAL Zeta and brings with him extensive transactional experience, an excellent network bonded with a strong entrepreneurial ethos. Strategically, the Midlands is a key Region for BREAL Zeta and is the beating heart of UK manufacturing. He joins a growing team of directors across the business who will be instrumental in delivering our plans for growth and supporting local businesses.”

June 1, 2020

Award-winning Isle of Skye hotel books future thanks to bank support

An award-winning luxury hotel on the Isle of Skye that has lost over a thousand bookings because of the Covid-19 pandemic has secured its future with the support of Bank of Scotland.

Kinloch Lodge, a family-run 19-bedroom hotel, relies heavily on revenue from international tourists so the ban on overseas travel hit it hard. Some 1,200 bookings from March to June were cancelled, forcing the hotel to temporarily close and furlough all 32 members of staff.

However, it has now secured a six-figure loan from Bank of Scotland via the UK government’s Coronavirus Business Interruption Loan Scheme (CBILS), allowing it to trade through the pandemic until travel restrictions are lifted, as well as pay suppliers.

The hotel relies heavily on international travellers, which account for 75% of bookings. Located at the bottom of Loch na Dal, guests often use the hotel as a base to explore local hillwalking trails and fishing spots.

Isabella Macdonald, director of Kinloch Lodge, said: “Most businesses in the Highlands experience quieter trading periods during the winter, so we tend to rely on our spring and summer months. Unfortunately, when the ban on non-essential travel hit in March we went from being fully booked to nothing, almost overnight.

“Thanks to the support from Bank of Scotland, we’ve been given the breathing space needed to allow us to pay our suppliers and overheads, and we now look forward to welcoming our team and guests back when the restrictions are eased.

“Despite our bookings normally being largely made up of international travelers, we’re hopeful for a rise in UK staycations and a busy end to the year for our business.”

Barrie Aird, relationship manager at Bank of Scotland, said: “Kinloch Lodge is a prominent Highland business that’s been operating for almost 50 years. Many companies like this in the tourist industry have been hugely impacted by the restrictions imposed during the pandemic and are learning to adapt and adjust to the climate.

“At Bank of Scotland, we’re committed to supporting businesses like this as they navigate these challenging times.”

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