The business, which mainly operates in the transport and quarrying sectors, supplies a wide range of vehicle safety solutions to high-profile companies across the UK, including JCB, DHL and Volvo. The funding from HSBC UK will allow Spillard Safety Systems to maintain its payments during the pandemic to 40 different suppliers across the UK and China, as well as helping to ensure its furloughed colleagues receive their full salaries.
The loan from HSBC UK is part of the bank’s Coronavirus Business Interruption Loan Scheme (CBILS), which is available for existing customers with a group turnover of up to £45 million. The Government guarantee will secure bank loans to viable businesses with a sound borrowing proposal.
Craig Spillard, Finance Director at Spillard Safety Systems, said:
“The safety of our colleagues is paramount to our business. Our drivers travel great lengths of the country and were at risk, so we decided to put our business on lockdown a week prior to the Government’s official announcement. At the same time, we needed to protect the future of our business and, thanks to our Relationship Manager at HSBC UK, Partho Bose, we were able to continue to make supplier payments critical to the future success of our business.”
Zena Perry-Hartle, HSBC UK Area Director Western Midlands Business Banking, added:
“HSBC UK is committed to supporting its customers during this period of uncertainty. We were delighted to provide Spillard Safety Systems additional funding to help them during these unprecedented times, as well as offering financial stability for the company’s furloughed colleagues.”
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 www.business.hsbc.com/novel-coronavirus.
The new measures build upon the package of support that HSBC UK has already announced for business customers:
Note to editors
HSBC UK serves around 14.5 million customers across the UK, supported by 32,000 colleagues. HSBC UK offers a complete range of retail banking and wealth management to personal and private banking customers, as well as commercial banking for small to medium businesses and large corporates.
HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in our geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,918bn at 31 March 2020, HSBC is one of the world’s largest banking and financial services organisations.