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April 6, 2020

Ducati Manchester secures funding through Santander

Ducati Manchester has secured funding from Santander Corporate & Commercial and the Government’s Coronavirus Business Interruption Loan Scheme (CBILS) to help it get through the coronavirus pandemic.

Santander is providing a capital repayment holiday on Ducati Manchester’s existing loan and a new £200,000 overdraft through CBILS, which is part of a package of government support for UK businesses and employees affected by the pandemic.

Ducati Manchester is the largest Ducati dealer in the UK and was named Ducati Dealer of the Year in Europe in 2019. It opened its first store in 2002 and sells Ducati motorbikes from four showrooms in Preston, Manchester, Stoke and Worcester, as well as Ducati clothing and accessories online.

The coronavirus pandemic, and the resulting social distancing measures introduced by the government, have suppressed Ducati Manchester’s ability to trade. However, the capital repayment holiday and the new overdraft through CBILS will help it continue to pay its ongoing costs throughout the duration of the UK lockdown.

Chris Booth, managing director, Ducati Manchester said: “As soon as the government launched CBILS, I contacted my Santander relationship director, Peter Kennedy, to find out if it was a viable option for us.

Santander has been brilliant at arranging the CBILS loan for us while I was busy making arrangements to secure the future of the business and our employees. The CBILS overdraft and the payment holiday on our existing Santander loan have given us a crucial buffer. Everything was agreed and arranged within a week, and the service I received from Santander has been exceptional. It’s just what businesses need from their banking partners in this time of unprecedented uncertainty.”

Peter Kennedy, relationship director, Santander Corporate & Commercial said: “Ducati Manchester has been our client for two years and it’s a top-quality business with a bright future. The pandemic has constrained its ability to operate and sell its products, so we are pleased to be able to help it get through this with the CBILS overdraft and the capital repayment holiday on its existing loan. During this period of extreme uncertainty, we’re working very hard to support our clients and help them to manage their cash flow.”

For more information about the support available to businesses impacted by the Coronavirus pandemic, please visit our website www.santandercb.co.uk/coronavirus. This is updated regularly and has tips and advice on how to prepare your business and links to Government support schemes.

April 6, 2020

Family-run baker rolls out delivery service to help community in need

Family-run bakery chain, Cooplands has increased its bread production and started providing local deliveries to communities across Yorkshire and the North East, with the support of Lloyds Bank.

The 135-year old business operates a network of 172 bakery shops and cafes across the North, with more than two thirds of those that support residential communities remaining open during the national lockdown.

To ensure local residents can receive food items – including essential items not typically stocked by Cooplands – the business is now distributing food packages to customers within 10-15 miles of its three main production sites in Durham, Hull and Scarborough.

The business has been able to pivot its operations to better serve community need with the full support of Lloyds Bank after it secured a flexible funding facility from the lender. The business has also increased bread production at its three main production facilities to meet demand.

Belinda Youngs, chief executive at Cooplands, said: “We have a long history as a community-focused business, bringing local produce and baked goods to families across Yorkshire, Lincolnshire and the North East. Our ambition is to quite literally put bread and other staples on the table during these challenging times and it’s only possible for us to react to changing market conditions as quickly as we have with confidence in the support of our bank.

“The team at Lloyds Bank has been exceptionally fleet-footed in putting the conditions in place for our cashflow to remain in good health. In addition, while we have regrettably had to furlough some employees associated with our cafes, mobile food vans and city centre shops that don’t serve residential communities, the new funding will ultimately preserve those jobs in the long-term.”

Hannah Douglass, relationship director at Lloyds Bank, said: “We remain committed to being by the side of businesses, especially during this challenging and unprecedented period. As such, we’re working closely with government to provide the short and long-term funding needed by businesses both large and small. This includes setting aside £2bn of arrangement fee-free finance to help firms affected by COVID-19.”

April 6, 2020

NHS PPE provider ramps up supplies to frontline

A Croydon-based provider of medical supplies to the NHS and healthcare distribution companies is ramping up supplies of PPE with support from Lloyds Bank after having an increased funding package approved within 45 minutes.

BlueKit Medical sources and provides surgical and medical equipment for use by NHS staff and private healthcare providers.

Lloyds Bank has provided a funding package that has allowed the firm to respond to increased demand for equipment including face masks, gowns and gloves.

The funding is also being used to ensure that the equipment can be delivered faster. The products, which are normally shipped, are being flown in to speed up their availability to frontline staff.

BlueKit Medical sources and delivers surgical and safety equipment to NHS service providers through its global network of manufacturers. The business was founded in 2012 to provide medical equipment to public and private healthcare operators and has been a Lloyds Bank customer since then.

Rebecca Porter, managing director at BlueKit Medical, said: “With demand for medical supplies available to the NHS at record levels, it followed that we’d have to increase the quantity of products we’re shipping from abroad.

“The flexibility and advice offered to us from Lloyds Bank, as well as the speed and efficiency across their teams to increase our funding at short notice, means that we’re able to support frontline NHS staff when it’s most needed.”

Mark Burgess-Clements, business banking manager at Lloyds Bank, said: “These are unprecedented times and support is needed for businesses and organisations across public and private sectors.

“When BlueKit Medical got in touch to ask for support to help fund extra supplies for use by frontline NHS staff, we knew time was of the essence. We’d spoken to the customer and agreed to provide it with the capability to place a large order within two hours – testament to our commitment to being by the side of businesses at this time.”

April 3, 2020

Support from Lloyds Bank safeguards jobs at demolition company

A demolition contractor has secured the jobs of all 33 of its staff during the coronavirus shutdown with support from Lloyds Bank.

Chelmsford-based Northeast Demolition UK Ltd work with large construction firms and housebuilders across South-East, East and South London to clear industrial, commercial and residential sites, demolishing all types of buildings from houses to tower blocks.

The company has decided to pause all work in order to safeguard the safety and wellbeing of staff during the COVID-19 outbreak and has put its workforce on furlough.

Lloyds Bank has provided a package of financial support to help with the firm’s cashflow during this period to enable it to pay its staff in advance of receiving a furlough grant from the government.

The Lloyds Bank support means the firm can meet its payroll obligations during this period and hasn’t had to make redundancies.

Following the government guidelines set out on Monday 23rd March to cease all essential works, Shaun Harvey, managing director at Northeast Demolition, said: “A lot of the sites we were working on are for hotels or flats. These aren’t essential buildings, such as hospitals for example, so we made the decision to pause all work as from Wednesday 25th March.

“As a demolition contractor we are the first on site. This can make welfare facilities and social distancing very challenging and we don’t want to risk the wellbeing of our staff and colleagues for a single second.

“At the point of making the decision to furlough our employees, we didn’t have much information about how it would work, not being eligible for the business interruption loan and not knowing when we would get the furlough funding from the government. Having additional credit from the bank meant we could safeguard jobs in the short-term.

“I contacted Stuart, my relationship manager at Lloyds Bank, and he was very quick to respond. He did a remarkable job for us and put additional credit in place within a few days. Lloyds Bank has been by our side throughout the past few weeks and I can’t fault them at all.”

Stuart Wiggins, SME relationship manager at Lloyds Bank, said: “Northeast Demolition is a responsible business that has made the welfare of its staff its number one priority.

“Pausing all contracts naturally impacts cashflow. Whilst government support is available, businesses need help in the short-term to meet their payroll obligations. We’re working quickly to make sure that businesses have the funding they urgently need.”

April 2, 2020

Family cleaning company ‘keeping the light on’ with CBILS support

A second-generation cleaning company is benefitting from a five-figure Coronavirus Business Interruption Loan (CBIL) from Lloyds Bank.

Class Cleaning of Louth, based in the Lincolnshire town, was founded in 2005 and offers a range of domestic and commercial cleaning services. The business has had to temporarily cease trading in the face of COVID-19, with a large proportion of its customers OAPs and those most vulnerable to the virus.

The CBIL scheme provides funding for smaller businesses that are experiencing lost or deferred income as a result of coronavirus and that would not otherwise secure bank finance. The loan is enabling Class Cleaning to continue to pay its staff.

Owner Amanda Turner, who took over the company from her father and stepmother in 2017, has also taken a pay cut to ensure her five members of staff, four full-time and one part-time, can keep being paid while the business is not able to operate.

She said: “I put in an application last week and received a call from Danial at Lloyds Bank within a couple of hours. He’s since kept me updated constantly on the process and next steps, which has helped make a difficult situation a lot easier.

“I took the company on from my dad and stepmum, so keeping it going, keeping the lights on, means everything to me.”

Danial Helsby, branch business manager at Lloyds Bank, said: “The value of the CBIL scheme cannot be underestimated. In the case of businesses such as Class Cleaning, and the likes of some high-street restaurants, cafés and hairdressers, it’s providing a lifeline for the future.

“We’re working flat out to be by the side of as many businesses as possible. The response turnaround time from the team has been spot on because we know it needs to be. We’re seeing daily that it’s making a massive difference.”

April 1, 2020

£12m funding package helps business strengthen position and eye acquisitions

Media and events business Metropolis Group has secured a £12m funding package providing it with the “firepower” to fund acquisitions and further strengthen its balance sheet amid the COVID-19 pandemic.

London-based Metropolis has agreed the refinancing with Lloyds Bank, its long-term banking partner.

The funding means Metropolis can further strengthen its position as COVID-19 poses unprecedented challenges to British businesses, as well as providing additional capital for future bolt-on acquisitions.

The group acquired the EMAP stable of B2B media brands – which includes Construction News, Nursing Times and Architects Journal – from Ascential in 2017, to create a combined portfolio of 40 leading B2B brands and three B2C brands, including an events business which is behind the World Architecture Festival, Quality Food Awards, RESI Convention and 130 other face-to-face events. Last year it also acquired Centaur Media’s financial services division, including Money Marketing and Platforum, and separately acquired PTQ and Digital Refining.

Metropolis was founded in 1994 by Jonathan Mills, who remains non-executive chairman. The group has turnover of £60m and employs 550 people globally.

Robert Marr, chief executive at Metropolis Group, said: “At a time when the whole UK economy is being shaken by COVID-19, our priority has been to ensure our balance sheet continues to have the strength to withstand the challenges this year. By agreeing this refinancing, we have the reassurance that Lloyds Bank remains our supportive partner for the future.

“Following the successful integration of the EMAP and Centaur brands into our group, the new funding package also provides us with the additional firepower in reserve to make further strategic acquisitions to drive growth and add value to our business as and when they come to market.”

Declan Mulcahy, head of technology, media and telecoms for Mid Corporate at Lloyds Bank, added: “Metropolis has always benefited from a management team that builds value in its brands to drive long-term, sustainable growth.

“The team has recognised that now is the right time to work in partnership with us to put in place the facilities to help the group safely navigate the current choppy waters and also be in a position to take advantage of strategic acquisition opportunities in the market.”

April 1, 2020

Blackfinch Spring Venture Capital Trust raises £3.3m

Blackfinch Group announces that the Blackfinch Spring VCT has raised over £3.3m to invest in a portfolio of technology and technology-enabled companies, since its launch in December. The Spring VCT has been a natural follow-on funder for the Blackfinch Ventures EIS Portfolios, which invests in technology-focused companies at the start of their growth journey.

This successful fund raise comes at a time when the VCT market is under pressure, with evidence that investment in these funds is down 50 to 70% on previous years and some VCTs therefore may struggle to achieve their sustainable raise requirement. Blackfinch’s generalist VCT has proved successful by combining the targeting of growing tech enabled companies with a high-performance fee hurdle, competitive charges and fees.

Investors in the Blackfinch Spring VCT have included financial advisors and their retail clients and investors using direct-to-client platforms. The average size of investment is currently £26,000 and there have been 131 investors so far.

Blackfinch Ventures targets high-growth opportunities, supporting start-ups, early stage and growth stage businesses with technological potential. The focus is on disruptive businesses, offering products that address real world needs, with the capability to make an impact in global markets. Blackfinch EIS portfolio clients that could be selected for Spring VCT investment include Tended, Movebubble and Auro.

Richard Cook, founder and CEO of Blackfinch Group, said: “The Spring VCT forms part of Blackfinch’s evolving suite of solutions and I’m delighted that has had a successful fund raise so far; we expect this to continue through these unsettled times as investors looks to the long term. There is still a small window of opportunity to invest before the end of this tax year, up till 3 April, and we’ll keep the VCT open until 30 October.”

Dr Reuben Wilcock, ventures director at Blackfinch, said: “It’s encouraging to see that investors have recognised the opportunity presented by the Blackfinch Spring VCT to diversify their portfolios, investing in the technology sector. The VCT is targeting dividends of 5% p.a. by 2024; additional benefits will include special dividends through earlier exits and those that exceed projected performance and venture capital tax relief.”

March 31, 2020

Holiday firm receives standing ovation for doing the right thing by customers

A holiday company that received standing ovations for getting its customers home safe says it is determined to come back stronger than ever, thanks to support from Lloyds Bank.

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

Most of its customers are over 60, so the business had to move fast to shut down its operations when the government advised against all non-essential travel on 16 March.

Managing director Emma Russell said: “As a responsible employee-owned business, we made the decision to close and bring our customers home straight away.

“We felt it was the right thing to do to get everyone home as soon as possible so they could stay safe, stock up on essential provisions and get ready for the social distancing measures that were coming into place.

“When we made the announcement, we got standing ovations in some of the hotels and we’ve been overwhelmed with messages of support from customers, who are really appreciative of what we’ve done.”

Now Alfa has cancelled all its holidays until the end of April, with customers offered 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.

The reservations team are currently working from home to deal with customers enquiries and refunds, whilst the majority of the firm’s workers are currently on furlough.

A £1.9m overdraft extension was agreed by Lloyds Bank within 48 hours to help fund the refunds.

Emma said: “The support we’ve had from Lloyds gives us the security that we know we can continue to refund customers and we haven’t had to make any rash decisions about our employees’ future.

“We’re also using this time to plan our 2021 holiday programme and look at how we can improve the customer experience.

“We were a financially strong business before coronavirus and we fully intend to come back from this even stronger.”

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.

John Csizmadia, relationship director at Lloyds Bank, said: “We have been Alfa’s banking partner for more than 10 years now and we recognise that it is a robust business that just needs extra support during these testing times.

“It is a responsible firm that’s working hard to do the right thing by its customers and colleagues, and it has our full backing.

“Clearly, the travel industry has been hit particularly hard by coronavirus, but we’re working closely with our customers in the sector to provide the support they need.”

March 31, 2020

The volume of funded loans on Robo.cash reaches €150m

A month ago, the European P2P platform Robo.cash announced that the number of its investors reached 10,000. In March, it achieved a new milestone – the volume of loans financed through the platform increased to €150m in total.

The achievement of this milestone was accelerated by the recent introduction of new loan originators on the platform. Seeing the continuous increase in investor demand at the end of last year, Robo.cash integrated with a Singapore-based holding company of Robocash Group, which offers commercial loans designed to support the business of the group in Southeast Asia. At the beginning of March, the platform introduced another loan originator – LLP MFI Tez Finance from Kazakhstan, providing short-term consumer loans. Since the integration, the new loan originators have placed €5.7m worth of loans on the platform, which has allowed it to satisfy investor demand.

Sergey Sedov, CEO Robocash Group, has commented on the current situation and plans on the further development of the platform: “Despite the challenging circumstances in the financial markets and certain unrest among investors, we continue our activities. Robo.cash operates within the financially stable and profitable holding Robocash Group. Our lending volumes still maintain the growth, although there has been a slight slowdown in individual markets in March due to the quarantine, which resulted in lower borrower demand. Nevertheless, we have big plans to grow and enter new markets this year and hope that investors will keep supporting us in this direction. In our turn, we still secure their investments with a 100% buyback guarantee and a group guarantee in case of commercial loans.”

Since the launch of Robo.cash in 2017, the number of loans financed by its users has amounted to 1.57m. In total, investors have earned €1.62m.

March 30, 2020

Family-run hotelier secures jobs with support from Lloyds Bank

A family-run hotelier has secured jobs and is helping to support its local community during the coronavirus shutdown, thanks to the support of a five-figure finance package from Lloyds Bank Commercial Banking.

Walker & Williams will use the funding to support cashflow and help secure jobs for all of its 50 team members, based at its sites in Preston, Chester and Ormskirk.

Walker & Williams, which has remained open to cater to a small number of guests including service personnel, visiting Ministry of Defence staff and a family that recently lost its home to fire, has also taken the quieter period as an opportunity to give back to its local community.

The hotelier recently launched a dedicated service from its headquarters in Preston to help vulnerable or elderly people who are unable to leave the house during the coronavirus crisis. This included hotel staff picking up and delivering groceries, collecting medicine or any other practical support that staff could reasonably provide.

Max Walker-Williams, founder and director at Walker & Williams, said: “Walker & Williams is a family which means that, no matter how long this goes on for, we are not willing to let a single member of our team go.

“While the hotels are quiet, we’ve been able to shift our focus and help support our local community.

“Lloyds Bank has been instrumental in this, by providing us with the additional cashflow we needed to secure jobs. This has given our staff peace of mind so they can meet their commitments and look after their families.

“Lloyds Bank has been incredibly quick to respond to our request for support. The approval came less than 18 hours after we asked for it and was independent of government commitments.”

Dale Parkinson, real estate relationship manager for Lloyds Bank Commercial Banking, said: “These are unprecedented times for business owners, concerned not only about their own family’s wellbeing, but also that of their employees.

“That’s why we’re proud to be supporting Max and businesses like Walker & Williams to not only secure the company’s future, but also to stand by staff during this time.

“As customers continue to face into uncertainty, we want to provide the reassurance that Lloyds Bank will by their side, providing the working capital they need to get them through this.”

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