Barclays in Bath has completed its first business loan under the UK Government-backed Coronavirus Business Interruption Loan (CBIL) Scheme.
Hotel and restaurant proprietors, Laurence and Helen Beere, who own and manage The Queensberry Hotel and Olive Tree Restaurant at Russell Street, Bath, has completed a £450,000 loan by accessing the scheme.
The boutique hotel and Michelin Star restaurant which employs 45 people has had to close due to the Covid-19 pandemic. The Barclays loan funding will support cash flow, allowing the business to pay local suppliers and staff salaries.
Laurence Beere, Proprietor of The Queensbury Hotel and Olive Tree Restaurant, said: “ In the space of seven days, we went from having our most successful year since opening to maybe losing everything we had built up over 18 years. However, when we went to Barclays for assistance, our Relationship Director’s assurance and support made us believe that our business would not fall over.
“Being able to access CBIL means we still have a business. And whilst we know the loan is our responsibility, it means that we can pay our staff at the end of the month, and make sure we can pay all we owe to our small, local suppliers as well. Looking ahead, CBIL means that our business has a future and the loan means we can get through this period and plan with confidence for the future.”
Barclays Relationship Director, Martin Crook, Bath, added: “Barclays understands how important it is to provide reassurance to clients when they need it. When the coronavirus impacted The Queensberry Hotel and Olive Tree Restaurant, I was able to recommend their application to the scheme promptly and accurately. This loan, and how quickly it went though, means the owners can confidently tell their suppliers and colleagues that they will be paid what’s owed to them in the coming months.”