Titanic Brewery secures £1m coronavirus loan
The brewer had been forced to shut down production once the outbreak hit, with the closure of its 13 pubs and cafés hitting the business hard.
According to company director Keith Bott, the coronavirus struck just as Titanic was moving into the busy spring season and, as a result, its income “disappeared overnight”. The support offered by CBILS has helped the business to maintain supplier relationships, as well as pay staff and creditors.
“I think it’s important during this difficult time to make sure our whole supply chain stay on their feet,” said Bott.
Better placed after the storm
“As well as honouring our payment terms, it means we will all be better placed for when the time comes to reboot our business after the crisis. I called Barclays as soon as the pubs were forced to shut, and we couldn’t have had a better experience.”
Production at Titanic’s Staffordshire site restarted this week, with its first brew being made available direct to consumers through its website, as well as on store shelves.
“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,” Bott added.
Securing jobs
“Having secured our loan, we know we will come out of the other side of this and with our staff having a job. The support of our local drinkers has been essential in retaining some income and we are truly grateful to them. Boy, am I looking forward to a great pint of cask beer, in a pub, with all of them once it is safe to do so.”
Food and drink manufacturers that have been impacted by the devastating effects of the Covid-19 outbreak and require extra funding can find more information on the Government’s website.
Meanwhile, the British Frozen Food Federation has urged retailers to share financial aid with their suppliers, as manufacturers increasingly rely on debt to weather the pandemic.
In an open letter to the customers of its members, the organisation asked that any Government support they received from the £3bn of grants transferred to local authorities be passed up the supply chain.
