Success Story
| Region/Nation | Wales |
|---|---|
| Programme | Coronavirus Business Interruption Loan Scheme (CBILS) |
| Partner |
With COVID-19 striking just before the busy spring season kicked in, the Merrion Hotel saw its income vanish virtually overnight. But securing a loan via the Coronavirus Business Interruption Loan Scheme (CBILS) has enabled the business to keep suppliers, staff and creditors fully paid.
Read what it had to say in this CBILS case study.
British Business Bank: Can you tell us what your company does?
Paul Bream, co-owner of the Merrion Hotel: The Merrion Hotel is a fourth-generation family business which has been operating in the seaside resort of Llandudno, North Wales since the 1940s. The hotel provides en suite accommodation and views from the seafront rooms.
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?
Coronavirus struck just as were moving into the busy spring season and suddenly all our income disappeared overnight. The CBILS loan has helped us to maintain relationships with our suppliers as well as allowing us to pay our staff and creditors.
How long did the application process take? Did you need any support?
The CBILS loan was all agreed and drawn down very quickly. And the fact we have no interest or capital repayments for over 12 months gives us confidence in coming out the other side.
We haven’t had to make a single person on our team redundant, but the business will feel the impact of this pandemic for years to come because the loan is a debt that we have to repay. But hopefully, when this is over, people will go out and support British business as a whole, to help get everybody back on their feet.
Our relationship director at Barclays, Gary Fletcher, really bought into what we’re trying to achieve. His understanding and sincere interest in our business made all the difference when we needed this urgent support.
The CBILS loan was absolutely critical in getting us through the shutdown, which put enormous strain on our cashflow, as it has with most businesses. The funding helps us to secure 47 jobs within the local community and gives the business vital liquidity. - Paul Bream co-owner of the Merrion Hotel
What advice would you give to other businesses that are applying for a CBILS loan?
It was important during this difficult time to make sure our whole supply chain stayed on its feet. So by honouring the terms of our payments with suppliers, we were helping to make sure we’re all better placed now the time has come to reboot our businesses.
How has the CBILS loan helped your business to weather the outbreak? And what might have happened if you hadn’t received it?
The CBILS loan was absolutely critical in getting us through the shutdown, which put enormous strain on our cashflow, as it has with most businesses. The funding helps us to secure 47 jobs within the local community and gives the business vital liquidity.
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