Scaffolding specialist Caspian Group has secured a £1 million government-backed loan to allow it to help build the economy back up after the Covid-19 crisis.
The Scunthorpe-based access operator has expanded significantly in recent years, trading internationally with a turnover expected to exceed £15 million this year.
Builders the country over downed tools when lockdown hit, with a staggered restart depending on companies’ abilities to instil safe working practices.
It has set back projects with many on drawing boards now in jeopardy as businesses look to weather the seemingly inevitable recession.
Caspian has drawn the Coronavirus Business Interruption Loan Scheme down through existing lender Barclays, providing it with the ability to keep the 28-year-old business trading.
Neil Garrison, managing director of the East Common Lane headquartered operation, said: “We’ve been growing organically since we started out in 1992 and have worked alongside Barclays for many years. They recently funded more land so that we could build an additional facility for our rapid expansion plans so understandably they were our first port of call when we knew we had to make some big changes to our operations to get us through this challenging period. We submitted an application and the money was in our account just a few days later. The loan gives us certainty on our immediate cash flow requirements and ensures that we will be here for our customers after the lockdown finishes.”
Caspian, founded by Grimsby exporter Bob Tyler, employs 47 people locally, and last summer it took on further land on Grange Lane North, having added the former Jack Tighe site it brought on board the previous November.
Chris Rushworth, Barclays relationship director put together the funding package for the deal, and the land acquisition. He said: “We have worked with Neil and his team for many years, and we spent time looking at their specific requirements before putting together an application that would get them through this tough period. For any business, there’s a lot of moving parts, and now we’re confident they have the financial headroom to get through this disruptive period and be ready to reopen fully when the time comes.”
