A family-run roofing business in Upper Hartfield has secured a six-figure funding package from HSBC UK to safeguard the future of the company amid the coronavirus crisis.
Brian Gow Roofing Supplies, which specialises in hand made clay roof tiles and natural slate, and supplying a wide variety of roofing products has used the HSBC UK funding to help protect 19 jobs, support its cashflow and bulk buy stock due to a shortage of goods coming from abroad.
The long-standing business also plans to use the funding to diversify its product range and is currently recruiting for two new team members to manage this process.
The HSBC UK funding was secured as part of the government-backed Coronavirus Business Interruption Loan Scheme (CBILS),
Brian Gow, Owner of Brian Gow Roofing Supplies, said:
“The last few months have been very uncertain for the business. Before the pandemic hit, HSBC UK helped us make our largest investment to date, with the acquisition of a new premises in East Sussex and the purchase of new machinery, which meant we’d utilised much of our cash reserves. Since then, we’ve been working closely with the bank to help us retain jobs and buy much-needed stock which has helped to futureproof the business. We’re extremely grateful for the bank’s support.”
Sarah Milligan, Area Director for Kent Business Banking at HSBC UK, added:
“We’ve been working with Brian Gow Roofing Supplies for 15 years, offering them a range of financial services that have helped the company grow, develop and innovate. The pandemic brought with it a number of challenges for the business, but its strong financial history meant we could agree a new facility that allowed it to bulk buy stock from a number of UK suppliers to remain in business when supplies were hard to come by.”
Brian Gow Building Supplies was founded by Brian Gow in 1996 and now operates five branches across East Sussex, West Sussex and Kent. Since the easing of lockdown restrictions, the business has begun re-opening its sites for deliveries to meet the continued needs of its customers across the South East.
HSBC UK is working closely with the Government and UK Finance to identify emerging issues and make sure customers and businesses have the advice and support they need. For tips and advice for businesses around planning for any possible disruption, visit www.business.hsbc.com/novel-coronavirus.
HSBC UK has already announced the following measures for its business customers:
- Launched BBLS, CBILS, CLBILS and CCFF
- Allocated £5bn to help businesses that need support
- Removed the £100 Small Business Loan fee to relieve the pressure faced by SMEs across the country
- Removed informal overdraft fees – As of 1st April we will no longer apply any Informal Overdraft fees
- Offering repayment holidays to free up cash within businesses
- Stopped all unauthorised overdraft charges
- Reviewing overdrafts or trade loans to allow stock to be held for longer
- Offering companies involved in the supply and manufacture of ventilators preferential pricing, extended repayment terms on loans and fast track approval times to support the unprecedented demand on UK hospitals.
- We have also extended that support to customers that can give immediate help to essential public services and vulnerable people. We are contacting clients involved in the manufacture and supply of Personal Protective Equipment to offer preferential finance and, where possible, the direct purchase of supplies and equipment for essential public services.
- We will also offer similar terms to clients involved in the wholesale of food.
- Our relationship managers have been proactively contacting customers to see what help their businesses need.
- We’ve launched a coronavirus helpline to support any customer queries and a dedicated coronavirus hub on our website.
- For businesses trading internationally:
- £3bn to importers and exporters that need additional support
- pre-approved 60-day extensions on trade loans for customers with a sound trade loan/financing record
- a one-hour turnaround on the issuance of Shipping Guarantees, enabling customers to transfer or receive goods from their counterparty faster
- a dedicated helpline that connects directly with trade finance specialists (0800 783 1300, open 9am – 5pm Monday to Friday), in addition to the support being offered by relationship managers