Surrey operator takes £140k coronavirus loan
Epsom-based Edward Thomas & Son is protecting its 73-year legacy by taking out a £140,000 Coronavirus Business Interruption Loan Scheme (CBILS) loan from HSBC UK.
Like many coach operators across the country, the family-owned business saw all its current and future bookings suspended due to the coronavirus crisis. HSBC UK, which has supported the company for over 37 years, provided a CBILS loan to replace these cancelled bookings, covering costs until October 2020, enabling the business to continuing operating throughout the coronavirus pandemic.
The loan also ensured that business owner Ivan Thomas, the son of the company’s founder Edward Thomas, could protect the jobs of his 50 employees. Edward Thomas & Son is now focusing on maintaining the business and securing bookings for September onwards, ensuring they can begin to serve their clients once Government restrictions are lifted.
The Coronavirus Business Interruption Loan Scheme is available for existing customers with a group turnover of up to £45m. The Government guarantee will secure bank loans to viable businesses with a sound borrowing proposal. There is no loan arrangement fee or loan prepayment fee, should the company wish to repay early. It has an interest free period of 12 months and there is no repayment of capital required during the period of 12 months from drawdown. The loan can be repaid over any period up to six years.
Ivan Thomas said: “We have been proudly serving customers across Surrey and beyond for over 70 years. We were devastated when we had to stop taking bookings, not knowing when we would be operating again, so we were determined to ensure we stayed afloat during this time and secure our survival. We’ve had a great relationship with the team at HSBC UK having banked with them for many years and were extremely thankful for their swift, efficient and straight forward approach when we needed it most. The CBLIS is crucial to our survival at this time, and we’re now looking forward to the time when we can welcome our customers back once again.”