A well-known Northampton pub group has secured a £1.25 million finance facility from HSBC UK to support the business during the Coronavirus pandemic.
The McManus Pub Group, which was forced to close its 15 pubs and restaurants in Northampton and two sites in Leigh-on-Sea in line with Government guidelines, has used the funding to pay any costs incurred during lockdown, cover projected trading losses for the next quarter and support the purchase of protective equipment to ensure employees and customers are safe when its sites reopen.
The funding from HSBC UK, which forms part of the Coronavirus Business Interruption Loan Scheme (CBILS), is in addition to a Revolving Credit Loan and repayment holiday.
Chris Wright, Finance Director at The McManus Pub Group, said: “At the start of the lockdown we drew down on our existing working capital facility to ensure we could support our colleagues and pay suppliers during this period. The additional facilities from HSBC UK not only supported our cash flow, but also gave us increased flexibility and the ability to start planning for the future.
“Whilst all our pubs and restaurants remain closed, we are already looking at our plans for reopening to ensure we have the correct processes in place to protect our staff and customers. Part of these plans include looking at what our capacity numbers will look like for each of our sites, how people will access the toilets, ensuring we have PPE in place, as well as rolling out the Zonal order & payment App system to enable click and collect function and ensure a streamlined system to protect customers returning to our restaurants.”
Nick Broome, HSBC UK Relationship Director Corporate Banking South Midlands, added: “Now more than ever it’s vital that we provide the most appropriate financial solution for our customers so we were pleased to be able to support the Group with a tailored finance facility during this period of uncertainty. Our funding has enabled the company to steady its cash flow and take the vital steps required for reopening. We look forward to continuing to support the business as it prepares for the future.”