Oliver Bonas secure £3.5m funding to see it through Covid-19

Oliver Bonas secure £3.5bn funding to see it through Covid-19
// Oliver Bonas secures £3.5m funding to see it through the coronavirus crisis
// It the CBILS loan via HSBC to retain staff & ensure its warehouse staff could safely cope with increased online demand
// Around 40 of its total 80 stores have reopened since the end of lockdown

Oliver Bonas has secured £3.5 million of additional funding from HSBC UK as part of the Coronavirus Business Interruption Loan Scheme (CBILS).

The funding has been accessed to support the high street retailer after all its stores were closed during the coronavirus lockdown in the UK and Ireland.

Together with the furlough scheme and other government support, this funding was vital for the business to manage the immediate and serious financial cashflow constraints as all revenue stopped in the stores.

READ MORE: Oliver Bonas to open 8 new stores in 2019, creating 80 jobs

Oliver Bonas is now trading on the high street again with half of its 80 stores having exited lockdown and reopening for the first since March 21.

The retailer said it moved quickly to access funding to ensure it was protected through the pandemic, while also continuing to trade online and make changes to adapt to post-lockdown trade.

It said its warehouse and web dispatch were both made Covid-secure and all teams were able to work safely.

“The last few months have been extremely challenging but I’m very proud that we have been able to trade safely online and support our team throughout,” Oliver Bonas chief executive Oliver Tress said.

“It’s exciting to see some of stores open their doors again and we have worked hard to make sure that our team, and our customers, can shop safely post-lockdown.

“We’re very grateful for the support from HSBC UK in helping us to access vital funding when we needed it most.”

The seven-figure CBILS loan from HSBC UK will provide vital support to Oliver Bonas as it continues to manage cashflow.

The funding has also helped the retailer in shifting operations during lockdown, managing stock costs and boosting online trading.

This online presence has provided some income over the past few months and will continue to be vital for Oliver Bonas as it adapts to the new normal of the high street.

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