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Garbutt + Elliott secures £40m for businesses

Garbutt and Elliott has secured more than £40m of loans for businesses during the coronavirus outbreak.

Since lockdown began in March, the Yorkshire-based firm has secured £30m of loans through the Coronavirus Business Interruption Loan Scheme (CBILS) and the Coronavirus Large Business Interruption Loan Scheme (CLBILS) in order to support businesses through the crisis. 

In addition, its payroll department arranged the payment of £10m to workers through the Job Retention Scheme.

The loans, which have ranged between £100,000 and several million pounds, have been negotiated by the firm’s corporate finance team for both existing clients and referred businesses.

The businesses in question have been from a range of sectors, including retail, leisure, hospitality, manufacturing, waste management and construction.

Tony Farmer, partner and head of Garbutt and Elliott corporate finance team, said: “The Office for National Statistics’ confirmation that the UK economy shrank by 20.4% in April, shows how dramatic the lockdown has been for UK businesses and how essential these loans are.

“It is not just headline sectors, such as restaurants, hotels and leisure attractions, which have been badly affected but also their own suppliers, many of which have struggled to find ways to stay in business.”

He added: “There is far more to securing these loans than filling in an application form and businesses should not consider them a quick fix. 

“They must be part of a medium-term business strategy with detailed planning about future performance and repayment capability as no one knows how long the pandemic uncertainties will continue.”

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