Global automotive specialist secures £600,000 coronavirus funding package
Manchester based business Automet Limited, a specialist car engine recycler, has secured a £600,0000 Coronavirus Business Interruption Loan Scheme (CBILS) facility to support its cashflow during the Covid-19 outbreak.
Located on a two-acre site in Trafford Park, Automet is one of the UK’s leading car engine recyclers and aluminium manufactures for customer in the UK and Europe.
Automet has been operating since 2003 and has built strong relationships with clients around the world – consistently delivering high quality recycled metals and plastics. Almost half the business’s sales are generated through international sales.
At the outbreak of coronavirus, the business saw a decline in activity, and had to place some staff on furlough however it is well now positioned for the post Covid-19 marketplace. The facility will enable the business to purchase large volumes of car engines and ensure it is in a prime position to grow once Covid-19 restrictions are lifted.
Paul Humphries, Automet Limited, said: “The service we received from Santander was quick and extremely efficient and I would like to thank Luke for his support in assisting Automet Ltd with the application for the Coronavirus Business Interruption Loan Scheme.”
Luke Rowbotham, relationship director, Santander UK, said: “While the impact of Covid-19 has had a detrimental impact on businesses across the UK, this funding package will ensure that Automet is prepared to quickly resume business as restrictions are eased – and we are delighted to support them.”
Santander UK is hosting a series of free ‘Survive and Revive’ webinars for SMEs on how to bolster their business proposition. Covering a range of topics – from innovating effectively to aligning purpose and culture – our experts delve into some of the ways in which businesses have adjusted, and thrived, since the outbreak of coronavirus. You can find these webinars and a list of other helpful resources on our website: www.santanderbreakthrough.co.uk/coronavirus.
