An Oldham-based giftware supplier has secured a £3m loan after lockdown saw the business face ‘cashflow issues’.
Widdop Bingham, which was established in 1883 as a clock and watch manufacturer, furloughed 90 per cent of its staff after lockdown forced its customers, including WH Smith and H Samuels, to close their doors.
The family-owned business, which specialises in the design, import and export of home and giftware products, secured a funding package from Lloyds Bank through the Coronavirus Business Interruption Scheme.
With the package, the supplier was able to cover fixed overheads, while “maintaining its relationship with customers”, it said.
Stuart Illingworth, managing director at Widdop Bingham, said: “Widdop Bingham is now in its fifth generation as a family-owned business and when the pandemic struck, our priority was to ensure our team of 125 staff could continue to meet their commitments and support their families.
“As a business that’s entirely dependent on the retail sector, the impact of the coronavirus pandemic has been acute.
“But the funding we’ve received from Lloyds Bank has given us enormous comfort for the future of the business.”
Susie Power and Amanda Wood, job-sharing relationship directors at Lloyds Bank, arranged the funding.
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Ms Power said: “The pandemic has had a huge impact on the retail sector and the businesses within its supply chain.
“Widdop Bingham is an innovative business, with a very loyal customer base.
“But, like many other firms across the region, it’s needed support to adapt to meet the challenges of coronavirus.
“We’re committed to supporting companies just like this one throughout the coronavirus crisis, helping them tackle immediate challenges and prepare for the future.”