Scaffolding firm secures £1m loan to survive lockdown

Liverpool-based scaffolding supplier George Roberts NW has secured a £1m loan from Barclays to help cashflow issues during lockdown.

The £38m-turnover firm used the government-backed Coronavirus Business Interruption Loan Scheme (CBILS), which was announced by chancellor Rishi Sunak in March as part of a £330m financial aid package for UK businesses.

George Roberts NW finance director Mark Roach said the lockdown caused a reduction in orders due to a reduced number of live projects. He said the loan “guarantees liquidity and maintains a platform to ensure the business retains and even improves its status in the marketplace going forward”.

Barclays relationship director Graham Duckworth said the loan has given George Roberts NW “the financial headroom to get through this disruptive period and be ready to reopen fully when the time comes”.

In its latest accounts, dated to 31 October 2018, George Roberts NW recorded a turnover of £38.4m, up from £33.3m the previous year. The scaffolding supplier reported a pre-tax profit of £2.8m, an increase of £736,000 from the £2.1m profit in 2017.

The contractor has been trading for 28 years and supplies scaffolding products including aluminium beams, scaffolding boards and temporary roofing systems.

In April, contractor NMCN announced it would be applying to the CBILS in a bid to give it “additional headroom” in its finance

Source constructionnees.co.uk