A Kingsbridge-based international sports distribution firm has secured a £26,000 finance facility from HSBC UK to aid the company during the COVID-19 crisis through the Bounce Back Loans Scheme (BBLS).
CECORP International is a distributor in the sports and lifestyle sector, with exclusive distribution rights for three American brands in Europe: Lost Enterprises, Optic Nerve Eyewear and Coalatree.
This loan comes after the firm had secured funding from HSBC UK earlier in the year to purchase 5,000 more units of stock to meet increasing customer demand and expand its distribution base to Greece and Portugal. CECORP International will use the funding to help safeguard the business whilst retailers in Europe and the UK are closed.
Jonathan Gilbert, Director of CECORP International, said: “HSBC UK’s support during this difficult time will enable us to protect the business while our customers in the UK and Europe are closed due to the outbreak, meaning our stock is stuck in a warehouse. This loan has been a saving grace for the business and our relationship manager, Andrew Wale, has been extremely helpful in understanding our needs and making everything run smoothly.”
Sarah Lucas, Deputy Regional Director for Small Business Banking West and Wales, commented: “We’re delighted we were able to help Jonathan and his team through these challenging times, which have forced his retailers to temporarily shut down. Lost Enterprises, Coalatree and Optic Nerve Eyewear are all up and coming brands and it’s great that they will still be able to expand their presence in Europe through CECORP International once conditions improve.”