Wednesday, August 12, 2020

CBILS loan helps Leicestershire logistics firm pay suppliers

Leicestershire headquartered logistics firm, Armstrong Logistics, has secured a six-figure finance package from HSBC UK through the Coronavirus Business Interruption Loan Scheme (CBILS).

The funding will support the firm’s cash flow after lockdown led to an overnight surge of 300% in demand from the business’s supermarket supply customers and the need to move products in a tight time-frame, which impacted the business by placing a strain on cash flow.

The facility from HSBC UK has enabled the family-run business to ensure it was able to manage cashflow around supplier payments and continue to ensure its high level of delivery service to its customers continued through this unprecedented level of customer demand during the pandemic.

Armstrong Logistics, which is an approved logistics partner to Aldi, has 400 employees and operates out of three sites in Lutterworth, Hinckley and Doncaster.

Marcus Fischer, Financial & Commercial Director at Armstrong Logistics, said: “Since the start of lockdown the team has been working round the clock to ensure the delivery of supplies to our customers across the country, including the supply of 30000 food parcels to Aldi over a 3 week period. The support from HSBC UK during this period helped to ensure that we were able to continue to pay our suppliers and help meet the needs of the nation.”

Simon Woods, HSBC UK Relationship Director, East Midlands Corporate Banking, added: “As a key part of the supply chain, HSBC UK was happy to provide financial support to the team at Armstrong Logistics during this period of uncertainty and as the business plays a vital role in meeting the high levels of demand.”

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