Innovation Schoolwear, the family-run supplier of quality, affordable schoolwear, has agreed a £600k overdraft facility with Santander UK through the Government’s Coronavirus Business Interruption Loan Scheme (CBILS) to support the business during the coronavirus pandemic.
The wholesale business, which is based in Tottenham and sells to schools and retailers, has 30 full-time staff and operates out of a London warehouse. It has been servicing the UK market for almost 50 years.
After Government guidance that non-essential businesses should not remain open, trading came to a halt at a time when it would usually start to gain momentum amid preparations for the “Back to School” season. The overdraft facility provided by Santander UK will help the company to continue to prepare for the ‘Back to School’ season.
Samuel Cohen, Director at Innovation Schoolwear, said: “Like many parents across the UK, we’re looking ahead to the time when schools can safely reopen. With Santander’s support and this facility, we can keep preparing for back to school season so that when the time comes, parents can make sure their children are ready to get back to the classroom. It’s great to see we have a very good and helpful banking partner”
Jo Spreckley, Relationship Director at Santander UK, said: “Innovation Schoolwear has a long history as a successful business and we’re pleased that we can support it through these difficult times until children can safely return to school.”