Croeso Pubs Ltd, which includes The Philharmonic, The Brewhouse and Retro Lounge in Cardiff, is breathing a little easier after securing over £450,000 from Barclays via the CBILS Government backed emergency loan scheme.
Craig Davies, Company Director of Croeso Pubs Ltd said
“Coronavirus struck just as were moving into the busy Spring season and suddenly all our income disappeared overnight. The bank loan has helped us ensure supplier relationships are maintained as well as helping us pay our staff and creditors. I think it’s important during this difficult time to make sure our whole supply chain stay on their feet. As well as honouring our payment terms, it means we will all be better placed for when the time comes to re-boot our business after the crisis.
Our Relationship Director at Barclays, Jason Llewellyn, really buys into what we are trying to achieve across the group. I feel that his understanding and sincere interest in our business made all the difference when we needed this urgent support. If you don’t have a bank manager that gets close to what you do, your chances of getting stuff done quickly are jeopardised.
The Government backed CBILS loan, was all agreed and drawn down very quickly and with no interest or capital repayments for over 12 months gives us confidence in coming out the other side. The loan is critical in getting us through this period which like most businesses, put enormous strain on our cashflow. Not a single person on our team has been made redundant. The impact of this pandemic will be felt for years to come by our business because the debt has to be repaid, but hopefully, when this is over, people will go out and support British business as a whole, to help get everybody back on their feet.”.
Jason Llewellyn, Barclays Relationship Director said
“The owners have worked hard to develop a strong business and motivated management team. Their growing success is reflected by their popularity and positive reviews. Myself and the team have spent time getting to know the business, and when the group was impacted, our understanding of the business and our relationship with its owners made a huge difference. The new facility will secure over 120 jobs within the local community and provide vital liquidity to the business.”
Barclays is offering a range of measures to support business customers through this difficult period including waiving everyday charges, and fees for all business customers with a turnover below £250,000, capital repayment holidays and new overdraft facilities. For further information please visit barclays.co.uk/business-banking/coronavirus/ or barclayscorporate.com/covid-19/