A leading scaffolding firm has secured a six-figure funding boost in bid to support its cash flow and save jobs following the coronavirus lockdown.
Redditch-based Portway Scaffolding has received £100,000 from BCRS Business Loans via the Midlands Engine Investment Fund (MEIF) supported by the Coronavirus Business Interruption Loan Scheme (CBILS).
The firm which is an audited member of the Scaffolding Association also has business operations in Glasgow and supplies and erects scaffolding across the UK.
Like many businesses, the UK lockdown proved to be a challenging time for Portway Scaffolding as nearly all of its contracts were put on hold. The funding boost will help ease the firm’s cash flow and secure the jobs of 32 staff.
Portway’s Managing Director Don McGrath said: “Securing a funding boost at this time was an important step in helping us manage our cash flow during the period of interruption caused by the coronavirus.
“We expect business operations to start returning to normal soon, as lockdown measures are eased further and more construction sites re-open.
“In the meantime, we are busy reviewing our processes and putting additional measures into place to ensure it is safe for our staff to return to work.
“We have been communicating regularly with our customers and suppliers and envisage that demand for scaffolding will be similar to pre-lockdown levels, as we continue to fulfill pre-existing contracts and work on new construction sites resumes.”
Stephen Deakin, chief executive of BCRS Business Loans, added: “We are delighted to have supported Portway Scaffolding with the funding it required at this incredibly challenging time.
“This is an example of a strong, viable businesses whose growth plans were put on hold due to the unforeseen interruption to trading caused by the coronavirus.
“With such a loyal customer base, a strong pre-existing order book and a very experienced team in place, we know that Portway Scaffolding will be back to doing what it does best as soon it is safe to resume work.
“We believe that no viable business should go unsupported and understand how important SMEs are to the growth and prosperity of our local communities.”