Success Story
| Region/Nation | South East |
|---|---|
| Programme | Coronavirus Business Interruption Loan Scheme (CBILS) |
| Partner |
As soon as governments across the world enforced their bans on international travel to tackle COVID-19, agents such as Meon Valley Travel saw their income promptly disappear. Consequently, it applied to the Coronavirus Business Interruption Loan Scheme (CBILS) for funding that would allow it to continue trading during the pandemic.
Read what the business had to say in this CBILS case study.
British Business Bank: Can you tell us what your organisation does?
James Beagrie, managing director of Meon Valley Travel: Meon Valley Travel is an independent travel agent trading globally. With bases in Petersfield and Leicester, we provide services relating to leisure travel, business travel and emergency medical repatriations.
The coronavirus has affected a huge number of businesses across the UK. What problems were you facing as a result of the outbreak and what made you apply for CBILS support?
With COVID-19 effectively cutting off international travel at the knees, as soon as we’d repatriated our clients and patients all our income dried up overnight. Yet the need for the business to remain open to service cancellations and refunds for those consumers and businesses most affected was necessary. We needed funding for working capital purposes – without it, the company would have run out of reserves and ceased trading in June 2020.
Without the CBILS loan, we would have been gone. With it, we’ve survived, retained a successful business and protected jobs, and we live to competitively thrive again. - James Beagrie managing director of Meon Valley Travel
How has the CBILS loan helped your organisation to weather the outbreak? And what might have happened if you hadn’t received it?
The loan has meant the business can survive. It has helped us to retain critical staff so we can meet regulatory requirements on cancelling trips and holidays for our clients where we’re not receiving any income and ensure that as we’re best placed as a business to act appropriately and professionally. We’ve been able to give our clients regular updates with the latest government advice, and to offer the recovery service we offer to repatriate UK citizens abroad.
Quick links
More success stories
Read a success story about Ruuby
An on-demand beauty marketplace, which allows customers to order a host of beauty services to their desired location, has raised £2m to accelerate its growth in the North West by doubling down on its existing operations in Manchester and Liverpool.
Read a success story about Power Roll
Based in Murton, Power Roll, a pioneer in the solar energy transition, has raised £4.3 million in its most recent funding round, including £1.5 million from NPIF II – Maven Equity Finance, which is managed by Maven Capital Partners as part of the Northern Powerhouse Investment Fund II.
Read a success story about Xentra
A fast-growing Leeds cybersecurity company secured a six-figure loan from NPIF II – Mercia Debt Finance, which is managed by Mercia as part of the Northern Powerhouse Investment Fund II (NPIF II).