Scaffolding and access equipment supplier Caspian Group has received £1M in funding to help support the business through the COVID-19 crisis.
The Scunthorpe based scaffolding hire and sales business today announced it has received support from Barclays through the Government-backed Coronavirus Business Interruption Scheme (CBILS) in order to maintain the ability to trade through the COVID-19 crisis.
Established in 1992, Caspian Group Limited is located at East Common Lane, Scunthorpe. The company is a leading supplier of scaffolding and access equipment. Trading globally, their equipment is being used in major overseas developments as well as across the UK.
The £1million funding from Barclays CBIL scheme has enabled the company to continue with operational costs throughout the COVID-19 period.
Barclays has also recently helped scaffolding supplier George Roberts NW with the Government-backed Coronavirus Business Interruption Scheme.
Neil Garrison, Managing Director, Caspian Group Limited said: “We’ve been growing organically since we started out in 1992 and have worked alongside Barclays for many years. They recently funded more land so that we could build an additional facility for our rapid expansion plans so understandably they were our first port of call when we knew we had to make some big changes to our operations to get us through this challenging period.
We submitted an application and the money was in our account just a few days later. The loan gives us certainty on our immediate cash flow requirements and ensures that we will be here for our customers after the lockdown finishes.”
Chris Rushworth, Barclays Relationship Director put together the funding package for the deal and said: “We have worked with Neil and his team for many years, and we spent time looking at their specific requirements before putting together an application that would get them through this tough period. For any business, there’s a lot of moving parts, and now we’re confident they have the financial headroom to get through this disruptive period and be ready to reopen fully when the time comes.”
Caspian Group Limited employs 47 people locally and turnover for the year is expected to exceed £15million.