Secure Trust Bank Commercial Finance has granted Bradburys Cheese a £ 1.5million Coronavirus Large Business Interruption Loan Scheme (CLBILS) loan.
This was the first CLBILS loan granted by the alternative financing provider.
Bradburys Cheese, formed in 1884, has grown rapidly in recent years. Owned by the Paul family since 1994, the company has grown from a local offering with turnover of £ 4million to an international organization with revenues of over £ 70million.
From its base in Buxton, Bradburys has over 100 customers worldwide, from Australia to Hong Kong, and is the sole supplier of cheese to the Falkland Islands. Its best-selling brands include the export cheese line Bradburys, Monterey Jack, Truckle Bros and its Cricketer Farm cheese.
This cash injection was used to maintain strong supplier relationships during the pandemic and allowed Bradburys to focus on product development and plan for long-term growth.
In particular, Bradburys used the £ 1.5million boost to reassess its product offering and routes to market. Having developed a new e-commerce offering, the company has already achieved online sales of £ 2.5million and plans to further expand its digital capabilities in the coming months. The loan also allowed Bradburys to meet the backlog of demand caused by the pandemic, including with a 150% increase in its supply in Australia in the past three months alone.
In addition to the CLBILS and CBILS products, Secure Trust Bank offers a full range of asset lending facilities, ranging in size from £ 1million to £ 50million. This is the second time Secure Trust Bank has provided funding to Bradburys Cheese, with the lender providing the family business with an £ 8.5million asset-based loan facility in October 2019, designed to increase its working capital .
George Paul, Director of Bradburys Cheese, said: “We had such a positive experience with Secure Trust Bank earlier this year that when Covid-19 hit we felt absolutely confident to discuss our concerns and options. with the team. The trust, professionalism and expertise of the team have been absolutely invaluable in strengthening the business in this uncertain time. Through their support and the work of our committed and talented Board of Directors, I am confident that we can not only rebuild, but also expand and grow our business to be more customer-centric in a post-Covid world. . “
David Green, Regional Sales Manager at Secure Trust Bank Commercial Finance, added: “Bradburys’ determination to persevere and think critically about their business model and offering at such a difficult time is a testament to the team. We worked closely with George and the management team to assess the numbers and determine an appropriate loan value. With this £ 1.5million CLBILS facility in place, we look forward to continuing to work alongside them as the economy recovers in the months and years to come. “