A family-owned importation business has secured a seven-figure loan from HSBC UK through the Coronavirus Business Interruption Loan Scheme (CBILS) to support trading during Covid-19.
Broadstairs-based Elgate Products supplies giftware, souvenirs, garden, homeware and bespoke products to businesses across the retail and travel industries, such as airports and gift shops, which were both badly affected earlier in the year during lockdown.
The loan has enabled Elgate Products to diversify into PPE products, including a range of masks and snoods to help meet the demand for face coverings. By moving into this growing market, Elgate has won new customers and now holds the licence for “Transport for London” face masks and coverings.
As a result of HSBC UK’s support, Elgate has been able to adapt its product offer and continue trading during the pandemic, keeping its 38 employees in work and ensuring suppliers were paid.
James Elliott, CEO at Elgate Products, said: “As soon as the UK lockdown came into force, we saw a significant reduction in demand, not only from retail outlets closing but from tourism stopping overnight. It was a double whammy for our business, and with travel still being severely affected, it’s been imperative for us to adapt quickly to save the future of our family-run business. The support from HSBC UK has been instrumental to helping the team weather the crisis.”
Rob Hucks, Relationship Director Corporate Banking for Kent, HSBC UK, added: “The retail and tourism industries have undoubtably been two of the hardest hit sectors during the pandemic. Elgate Products has a strong track record of success and the support provided will undoubtably protect the business’s strengths as it continues to adapt and recover.”