Landscaping firm’s future back in the green thanks to support from Lloyds Bank
A landscaping firm is able to support its staff and keep essential operations running thanks to a £240,000 loan from Lloyds Bank secured through the Coronavirus Business Interruption Loan Scheme (CBILS).
Midlands-based Ulyett Landscapes Limited is responsible for the ground maintenance and landscaping at care homes, schools, public transport locations and at major housebuilding construction sites.
Following the closure of construction sites, schools and businesses Ulyett Landscapes Limited experienced a significant reduction in its work schedule, which impacted cashflow leading to the firm having to furlough around 80% of its workforce.
Financial director Katie Burton said: “When schools and businesses closed, we saw an immediate reduction in our workbook during what is usually a very busy period for us.
“We’ve furloughed more than 50 of our colleagues as a result, with around a dozen staying in work to keep the key jobs at care homes and transport sites ticking over. Thanks to the team it’s meant we’ve been able to keep care homes’ grounds well maintained for residents to enjoy and kept core transport services like Nottingham tram system up and running for key workers to use.”
The loan was agreed and funds released within seven days of Ulyett Landscapes Limited getting in touch with Lloyds Bank.
Kate said: “Lloyds Bank helped unbelievably quickly and were incredibly easy to work with. If this money hadn’t been released so fast, we would have come up against challenges with our cashflow that may have resulted in difficulties paying our suppliers, it could even have led to redundancies.
“The help from the bank has meant that we’re in a strong position to keep operations running smoothly during this time and make sure we’re ready to come back strongly later this year.”
The firm was established in 1967 and currently employs 63 people who maintain more than 300 sites across the UK.
Mike Townroe, relationship manager at Lloyds Bank, said: “We’ve been the banking partner of Ulyett Landscapes Limited since 1975 and are proud of our long-term relationship with them.
“Being able to help at this critical time and ensure their cashflow is robust enough to weather the current challenges means a great deal to us. We’re looking forward to working with them as they resume their growth in the coming months and years.”