Practical Publishing International, a privately owned media group with specialist craft magazines published in markets around the world, has secured 拢500,000 coronavirus loan.
Founded in 2001, the Stockport company specialises in magazines, websites and products for consumers passionate about their hobbies.
It distributes over three million magazines and books a year, predominately through retail outlets in the 海角视频 and USA and employs around 100 people.
The funding through Santander 海角视频 and the Coronavirus Business Interruption Loan Scheme (CBILS) means the business will be able to meet immediate cashflow demands and continue ordering stock from Asia 鈥 which usually has a lead time of six months.
While some colleagues have been furloughed under the government initiative, Practical Publishing continues to employ staff to update websites and generate new content to grow sales when the pandemic passes.
Chris Dunbar, finance director, Practical Publishing International, said: 鈥淥ur business was hit quickly by the COVID-19 pandemic due to our presence in retail outlets in the 海角视频 and USA.
鈥淭he funding helps us bridge this gap and allows us to focus our business on emerging from the crisis stronger than before. I found the process fast and efficient and streamlined compared to a normal funding application process.鈥
Luke Rowbotham, business relationship director, Santander 海角视频, said: 鈥淭he impact of coronavirus has been felt by businesses across the 海角视频 鈥 and in particular, those with customers and suppliers in international markets.
鈥淧ractical Publishing has built a strong business proposition and we were happy to help the team during this difficult time.鈥
