A hotel in Llandudno has secured an emergency loan to help get it through the coronavirus crisis.
The Merrion Hotel is breathing a little easier after securing over £240,000 from Barclays via the CBILS 海角视频 Government backed emergency loan scheme.
This means they can ensure payments to suppliers and that none of its team has been made redundant.
It comes at a difficult time for the hotel sector in the tourist town which has been badly impacted by the lockdown.
Since the start of the crisis while the collapse of
Paul Bream, company director at the Merrion Hotel, said: “Coronavirus struck just as were moving into the busy spring season and suddenly all our income disappeared overnight.
"The bank loan has helped us ensure supplier relationships are maintained as well as helping us pay our staff and creditors.
"I think it’s important during this difficult time to make sure our whole supply chain stay on their feet. As well as honouring our payment terms, it means we will all be better placed for when the time comes to re-boot our business after the crisis.
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"Our relationship director at Barclays, Gary Fletcher, really buys into what we are trying to achieve.
"I feel that his understanding and sincere interest in our business made all the difference when we needed this urgent support. If you don’t have a bank manager that gets close to what you do, your chances of getting stuff done quickly are jeopardised.
"The Government backed CBILS loan, was all agreed and drawn down very quickly and with no interest or capital repayments for over 12 months gives us confidence in coming out the other side.
"The loan is critical in getting us through this period which like most businesses, put enormous strain on our cashflow.
"Not a single person on our team has been made redundant.
"The impact of this pandemic will be felt for years to come by our business because the debt has to be repaid, but hopefully, when this is over, people will go out and support British business as a whole, to help get everybody back on their feet.”.
Gary Fletcher, Barclays relationship director, said “The owners of this 4 th generation family business which has been operating on Llandudno seafront since the 1940’s have worked hard to develop a strong business and motivated management team.
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"Their growing success is reflected by their popularity and positive reviews. Myself and the team have spent time getting to know the business, and when the group was impacted, our understanding of the business and our relationship with its owners made a huge difference.
"The new facility will secure 47 jobs within the local community and provide vital liquidity to the business.”
Barclays is offering a range of measures to support business customers through this difficult period including waiving everyday charges, and fees for all business customers with a turnover below £250,000, capital repayment holidays and new overdraft facilities.