£6m allows firm to keep entire workforce – and expand
A £6 million finance facility from its bank has allowed a Gloucester family-owned business to retain all of its estimated 150 staff – and more.
Footwear distributor Gardiners also said the money, courtesy of HSBC, had allowed it to take on more staff as it battled through the pandemic.
It has, it said, used the funding to retain its entire workforce on full pay during the lockdown, with only limited use of the furlough scheme to support those who were required to shield.
The business currently supplies retailers across the UK and EU, including Next, Littlewoods and Very, and the funding has “ensured Gardiners can retain this customer base, as well as enter agreements with new brands to continue its ambitious growth strategy”.
Five million pounds of the loan was secured from the government-backed Coronavirus Large Business Interruption Loan Scheme (CLBILS) and £1 million was an increase to its existing Trade Finance facility.
James Gardiner, group CEO of Gardiners, which is 140 years old, said: “This latest round of funding has enabled us to offer security to those who are at the core of our business and ensure we have a successful future ahead.”
He paid particular credit to the HSBC relationship director Mike Bobroff, who he said had been “incredibly supportive”.