A Stoke-on-Trent brewery has secured a £1 million financial lifeline – to help it survive the coronavirus pandemic.
Titanic Brewery has landed the six-figure loan from Barclays as part of the Government-backed Coronavirus Business Interruption Loan Scheme (CBILS).
Now bosses at Burslem-based Titanic say the funding will help them to ‘re-boot’ the business after the crisis – and secure the jobs of around 200 staff.
Company director Keith Bott said: “Coronavirus struck just as were moving into the busy Spring season and suddenly all our income disappeared overnight.
“The bank loan has helped us ensure supplier relationships are maintained as well as helping us pay our staff and creditors.
“I think it’s important during this difficult time to make sure our whole supply chain stay on their feet.
“As well as honouring our payment terms, it means we will all be better placed for when the time comes to re-boot our business after the crisis.”
Titanic Brewery was founded in 1985. It produces in excess of three million pints every year and operates 13 pubs and cafe bars across Staffordshire.
Keith said: “I called Barclays as soon as the pubs were forced to shut and we couldn’t have had a better experience.
“Yesterday, we did our first brew since coronavirus hit us which we’ll be selling on our website and in the shops.
“We are glad that we can now keep our customers supplied until we can welcome them to the pubs for a pint when this is over.”
He added: “The impact of this pandemic will be felt for years to come by our business because the debt has to be repaid, 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.”
CBILS which is administered by the British Business Bank, and lent through more than 40 accredited lenders, including high street banks, has so far provided more than £1bn in loans, with interest and capital waived for the first year, to SMEs across the UK.
Adam Edwards, Barclays Relationship Director said: “It has been a privilege to be able to help Titanic Brewery manage through the COVID-19 crisis.
“This iconic brand is not only loved throughout Staffordshire but also by beer aficionados nationwide.
“I was delighted when Titanic recently decided to put their trust in Barclays and myself, and we are determined to ensure that Titanic, as well as other local clients in our community, are still here when life returns to normal.
“Myself and the team have spent time getting to know the business, and when the group was impacted, our understanding of the business and our relationship with its owners made a huge difference. The new facility will secure valued jobs within the local community and provide vital liquidity to the business.”