Milton Keynes headquartered manufacturer, Broadways Stampings, has secured an additional facility from HSBC UK to support its cash flow during the coronavirus pandemic.
The business, which also has a sister company, Dyson Diecasting, provides pressed component parts, sheet metal and welded assemblies to automotive customers, including Jaguar Land Rover, as well as construction and warehouse suppliers.
With its Bletchley site remaining partially open since the end of April due to increased demand, the company has continued to support existing and new customers during this period, including providing parts to assist in the production of ventilators for
Matt Abrahams, Group Finance Director at Broadways Stampings, said: “We closed our factory as soon as the lockdown restrictions came into place in March, halting all work across the UK and Europe. Although demand dropped overnight, our suppliers have been very supportive during this period and the financial boost from HSBC UK has really enabled us to be in the best position possible to resume ‘business as usual’ as lockdown restrictions are eased.”
Timothy Sanders, Relationship Director, HSBC UK Corporate Banking South Midlands, said: “With every business and sector facing different challenges, it’s important we tailor each package to ensure our customers receive the best possible solution for their own unique circumstances. We were delighted to be able to provide an additional and substantial overdraft facility to support the Broadways Stampings group during this period of uncertainty.”
HSBC UK is working closely with the Government and UK Finance to identify emerging issues and make sure customers and businesses have the advice and support they need.
For tips and advice for businesses around planning for any possible disruption, visit HSBC’s business coronavirus here.
The new measures build upon the package of support that HSBC UK has already announced for business customers. HSBC UK has:
- Launched BBLS, CBILS, CLBILS and CCFF
- Allocated £5bn to help businesses that need support
- Removed the £100 Small Business Loan fee to relieve the pressure faced by SMEs
- Removed informal overdraft fees
- Offered repayment holidays to free up cash within businesses
- Stopped all unauthorised overdraft charges
- Reviewed overdrafts or trade loans to allow stock to be held for longer
- Offered companies involved in the supply and manufacture of ventilators preferential pricing, extended repayment terms on loans and fast track approval times to support the unprecedented demand on UK hospitals.
- Extended that support to customers to give immediate help to essential public services and vulnerable people.
- Offered similar terms to clients involved in the wholesale of food.
- Seen relationship managers proactively contacting customers to see what help their businesses need.
- Launched a coronavirus helpline to support any customer queries and a dedicated coronavirus hub on our website.
- Helped businesses trading internationally with extensions on loans, faster shipping guarantees etc