Secure Trust Bank Commercial Finance has provided Bradburys Cheese with a £1.5m loan as part of the Coronavirus Large Business Interruption Loan Scheme (CLBILS).
This was the first CLBILS loan provided by Secure Trust Bank, which became the first alternative finance provider to be accredited under the coronavirus business loan scheme.
Bradburys Cheese, formed in 1884, has seen rapid growth in recent years. Under the ownership of the Paul family since 1994, the business has expanded from a local offering with £4m turnover to an international organisation with revenues in excess of £70m.
From its base in Buxton, Bradburys boasts over 100 clients around the world, from Australia to Hong Kong, and is the sole supplier of cheese to the Falkland Islands. Its top selling brands include the Bradburys Export Cheese range, Monterey Jack, Truckle Bros and its Cricketer Farm cheese.
This cash injection has been used to maintain strong relationships with suppliers during the pandemic and has allowed Bradburys to focus on product development and plan for long term growth.
In particular, Bradburys has used the £1.5m boost as an opportunity to reassess its product offering and routes to market. Having developed a new ecommerce offering, the firm has already seen sales of £2.5m online, and plans to expand digital capabilities further in the coming months. The loan also allowed Bradburys to meet the backlog of demand caused by the pandemic, most notably with a 150 per cent increase in its supply to Australia in the last three months alone.
Alongside the CLBILS and CBILS products, Secure Trust Bank provides a full suite of asset-based lending facilities, ranging in size from £1m to £50m. This is the second time that Secure Trust Bank has provided funding to Bradburys Cheese, with the lender providing the family-owned business with an £8.5m asset-based lending facility in October 2019, designed to increase its working capital.
George Paul, Director, at Bradburys Cheese, explains: "We had such a positive experience with Secure Trust Bank earlier this year that when COVID-19 hit we felt absolutely confident in discussing our concerns and options with the team. The trust, professionalism and expertise of the team were absolutely invaluable in reinforcing the business at this uncertain time. Thanks to their support, and the work of our committed and talented board, I'm confident we can not only rebuild, but expand and develop our business to be more centred around our customers in a post-COVID world."
David Green, Regional Sales Director at Secure Trust Bank Commercial Finance, added: "The resolve of Bradburys to persevere and think critically about its business model and offering at such a difficult time is a testament to the team. We worked closely with George and the management team to assess the figures and determine an appropriate loan value. With this £1.5m CLBILS facility in place, we look forward to continuing to work alongside them as the economy recovers in the coming months and years."