Success Story
| Region/Nation | South West |
|---|---|
| Programme | Coronavirus Business Interruption Loan Scheme (CBILS) |
| Partner |
As a provider of school meals to millions of children across the UK, Pasta King felt the impact of the lockdown and school closure particularly keenly. Needing to maintain its operations and support its staff, the business applied to the Coronavirus Business Interruption Loan Scheme (CBILS) for a financial cushion while it sought ways to adapt its offering.
Read what it had to say in this CBILS case study.
British Business Bank: Can you tell us what your organisation does?
Paul Allen, executive chairman and co-owner of Pasta King: Pasta King supplies over 13 million nutritious ‘Grab and Go’ meals in the primary and secondary education sector, with a growing presence in the health and care sector.
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?
We felt the impact of COVID-19 and lockdown restrictions immediately. As a provider of school meals, obviously the closure of schools was a massive change for our business.
Fortunately, a great opportunity arose for us to support the work of the YMCA Dulverton Group. The Group has repurposed the Beach Hotel in Minehead into a centre for the homeless and vulnerable. We helped by supplying hot meals during the initial lockdown period of self-isolation.
How long did the application process take? Did you need any support?
The team at Allied Irish Bank (GB) engaged with us very early on following the lockdown. They’ve been key in allowing us to continue to trade and support our staff over the last five months.
The CBILS facility has been critical in that it’s allowed us to continue to trade and support our staff. It’s given the business a real financial cushion. - Paul Allen executive chairman and co-owner of Pasta King
What advice would you give to other businesses that are applying for a CBILS loan?
Explore all of your options and talk to your bank.
How has the CBILS loan helped your organisation to weather the outbreak? And what might have happened if you hadn’t received it?
The CBILS facility has been critical in that it’s allowed us to continue to trade and support our staff. It’s given the business a real financial cushion.
COVID-19 had a huge impact, what with the immediate closure of our core market, but the CBILS loan has enabled us to adapt our offering to service new markets.
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).