High street stores begin to reopen with Lloyds Bank support
Branded footwear retailer Charles Clinkard is set to reopen all of its stores in the coming weeks, with the support of Lloyds Bank.
The Middlesbrough-headquartered retailer, which has more than 30 stores and concessions across the UK, has secured a £2m Coronavirus Business Interruption Loan via its long-term banking partner Lloyds Bank.
The funding, which accompanies a significant extension to their current overdraft facility provided by the bank, will enable the business to get back up to speed as non-essential retailers are allowed to open their doors again from 15th June.
Plans are in place for Charles Clinkard to re-open stores with a reduced workforce and social distancing measures, in addition to optional booked appointments, to enable customers to return with confidence. The funding will continue to support the retailer’s overheads, including investment in its £10m summer range.
Owner and managing director, Charles Clinkard, said: “The last few months have been a challenging period for non-essential retailers. We’ve been fortunate to maintain around 30 per cent of our usual revenue through online sales and to have the support of many of our suppliers and independent landlords during the lockdown period.
“However, the arrival of the pandemic has placed a significant strain on our planning for the spring and summer seasons. Lloyds Bank stepped in swiftly and has put us in a position where we can bring our stores out of hibernation at pace while beginning to bring our team back from furlough.”
Hannah Douglass, relationship director at Lloyds Bank, said: “The retail sector is among those hit hardest by the economic effects of Covid-19 and will continue to face working capital challenges as it gets back up to speed. Charles Clinkard is a great example of the ambition within the sector to return to trading and we look forward to helping them meet the needs of consumers as the economy inevitably evolves over the next 12 months.”