A seven-figure loan has helped an historic Derbyshire cheesemaker boost its online sales.
Bradburys Cheese, based in Buxton, secured a £1.5 million loan through Secure Trust Bank Commercial Finance as part of the Coronavirus Large Business Interruption Loan Scheme (CLBILS).
It was the first CLBILS loan provided by Secure Trust Bank, which became the first alternative finance provider to be accredited under the coronavirus business loan scheme.
Since then, Bradburys, which was formed in 1884, has used the £1.5 million boost to reassess its product offering and routes to market.
Having developed a new e-commerce offering, the firm has already seen sales of £2.5 million online and plans to expand digital capabilities further in the coming months.
The business has seen rapid growth in recent years. Under the ownership of the Paul family since 1994, the firm has expanded from a local offering with £4 million turnover to an international organisation with revenues in excess of £70 million.
The company has more than 100 clients around the world, from Australia to Hong Kong, and is the sole supplier of cheese to the Falkland Islands.
The CLBILS loan also allowed Bradburys to meet the backlog of demand caused by the pandemic, most notably with a 150% increase in its supply to Australia in the last three months alone.
It is the second time that Secure Trust Bank has provided funding to Bradburys Cheese, with the lender providing the business with an £8.5 million asset-based lending facility in October, designed to increase its working capital.
George Paul, director, at Bradburys Cheese, said: “We had such a positive experience with Secure Trust Bank earlier this year that when Covid-19 hit we felt absolutely confident in discussing our concerns and options with the team.
“The trust, professionalism and expertise of the team were absolutely invaluable in reinforcing the business at this uncertain time.
“Thanks to their support, and the work of our committed and talented board, I’m confident we can not only rebuild, but expand and develop our business to be more centred around our customers in a post-Covid world.”
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David Green, regional sales director at Secure Trust Bank Commercial Finance, said: “The resolve of Bradburys to persevere and think critically about its business model and offering at such a difficult time is a testament to the team.
“We worked closely with George and the management team to assess the figures and determine an appropriate loan value.
“With this £1.5 million CLBILS facility in place, we look forward to continuing to work alongside them as the economy recovers in the coming months and years.”
