CBILS support for civil engineering contractor saves jobs
An SME civil engineering firm that has worked on projects at St Paul’s Cathedral and The Oval cricket ground has safeguarded jobs amid widespread construction site closures after receiving a time critical loan from Lloyds Bank.
Foran Construction, which offers groundwork services for commercial and civil engineering projects across the South East, is based in Brentford, Middlesex and was established nine years ago.
The £8m turnover business recently completed work at Battersea Exchange, where it completed hard landscaping as part of a multimillion-pound development of luxury housing.
However, after the coronavirus pandemic hit and a UK lockdown was announced, many of the projects the contractor was working on halted and sites closed, causing major cashflow issues.
Turning to his banking partner of four years, Lloyds Bank, managing director Paul Lavelle secured a six-figure loan through the Coronavirus Business Interruption Loan Scheme (CBILS) – which was arranged fee-free and turned around in just four days – to pay wages for his team of 20 and cover the cost of demobilising Foran Construction’s site-based workforce.
He said: “We’re a healthy business with a good pipeline of work, but coronavirus has had a big impact on our short-term cashflow position. Not only will this new funding allow me to pay the team’s wages while we deal with this incredibly difficult situation, but it means we can mobilise again really quickly once the worst of the pandemic is over.
“The team at Lloyds Bank has provided round the clock help. Their support has helped to secure my business’ future.”
Brendon Shanahan, relationship director at Lloyds Bank, said: “I know Foran Construction well and we were able to secure their funding with speed after Paul’s initial enquiry. We’re working hard to help successful firms like this one navigate the unprecedented disruption caused by COVID-19.”