Swallow Yachts Ltd, is breathing a little easier after securing over £140,000 from Barclays via the Government backed emergency loan schemes.
Swallow Yachts, the award-winning bespoke boat builder and designer based in Cardigan, is back in production after suffering the double blow of a major workshop fire last year and then the added impact of the Corona virus pandemic. The funding package has eased any cash flow concerns and will accommodate continued demand for their range of daysailers, which combine classic looks with modern sailing performance.
Matt Newland, Director of Swallow Yachts Ltd said
“I have been a sailing fanatic for over 35 years and ensure my passion, experience and attention to detail goes into every boat. We build between 25/30 boats a year ranging from £17,000 to £75,000 and export to Japan, Australia and America but the core business remains UK and European based.
The workshop fire and impact of the pandemic put real pressure on our business resulting in us furloughing 80% of the workforce. Luckily the support from our bank Barclays and our loyal customers has now enabled us to return to production and retain our workforce, albeit with some new distancing measures installed across our production process.”
Sally Phillips, Barclays Business Manager, said,
“As champions of local business, it is essential that we support local businesses such as Swallow Yachts Ltd. 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 the business confidence in coming out the other side. The loan is critical in getting businesses through this period which like most businesses, puts enormous strain on cash flow. The impact of this pandemic will be felt for years to come by 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.
Matt is a great example of an entrepreneur using their experience, contacts and skills to develop a successful business. By really understanding the business and issues they have faced, Barclays has been able to support the business throughout its development. It’s great to see a local Welsh manufacturing business continuing to compete in a global market.”
Matt Newland continues
“We have faced a number of challenges over the years as we provide a luxury product but we still continued to increase turnover every year as we maintained our strong marketing strategy and with interest rates so low many clients chose to invest in a luxury item they could enjoy. We hope to emerge stronger and leaner from the experience and are optimistic for the future. We recognize the importance of traditional boat building but also embrace the latest technology as we are planning to further invest in computer controlled machinery and we even use a 3D printer to produce some of the smaller bespoke components.”
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/
For further information visit www.swallowyachts.com