Paragon supports Southampton-based printer with £250,000
Specialist SME lender Paragon Bank has continued its support for UK companies impacted by coronavirus, providing a £250,000 Coronavirus Business Interruption Loan (CBILS) to Southampton-based printing firm Indigo Press.
The CBILS loan has enabled the business to trade through Covid-19 as it had to continue to pay trade suppliers, even though turnover was significantly impacted. The company is now seeing sales rise again as the economic activity picks up.
Prior to this most recent support, Paragon also helped Indigo to free up cash flow by refinancing assets, allowing the business to consolidate and re-structure debt.
So far Paragon has lent £6m to UK SMEs through CBILS, with a number of deals in the pipeline due to complete.
Tony Swift, joint managing director at Indigo Press, said: “Paragon has been incredibly supportive. The team were very fast at turning around both of our agreements and extremely professional to deal with. Having experienced many issues with the big high street banks, it was an absolute breath of fresh air.
“We are now in a completely different situation and can now concentrate on what we actually do for a living, so that we are able to guide the business out the other side.”
Amanda Wytenburg, business development manager at Paragon, said: “We are extremely glad that we can support our customers through challenges presented by the pandemic. Our strong relationship with Indigo has meant that we have been able to provide ongoing support, tailored to their needs, both prior to the coronavirus pandemic and during.”
Established in 1989 and now with a turnover of approximately £4m, Indigo Press specialises in B2 Commercial Lithographic printing for a range of clients across many sectors. The business prides itself on being a high quality, competitively priced supplier of fast turnaround litho printed materials.