Cycling parts retailer Halfords has been given a £25 million cash-boost to help it to navigate the Covid-19 pandemic.
The funding, from the Coronavirus Large Business Interuption Loan Scheme (CLBILS), was secured by HSBC and two other high street banks and will help the Redditch-headquartered company to ‘continue to trade confidently over the coming months.’
As an essential retailer, most of Halfords’ 800 plus stores and garages across the country remained open during lockdown.
But dozens of other stores have now started to reopen in line with social distancing guidelines.
Loraine Woodhouse, chief financial officer at Halfords, said: “While our market-leading motoring and cycling businesses have strong macro tailwinds, this additional contingency funding gives us even greater confidence in our ability to trade our way successfully through the current uncertain environment.
“We would like to thank our lenders for their ongoing support.”
Akhil Shah, relationship director at HSBC UK, added: “Whether you’re travelling by bike or car, Halfords has played a particularly important role in keeping the country moving in recent months. However, like all retailers, the business has faced unprecedented challenges.
“As the lockdown restrictions ease and more of its stores open, this additional funding gives Halfords the confidence and the headroom to continue serving its customers effectively.”