Whilst the company always planned to have a percentage of its team working from home, it didn’t have enough equipment for all its staff to be able to work remotely for an extended period of time.
The overdraft extension from HSBC UK has enabled Don’t Just Sit There, Sell Something to purchase additional home working equipment so the business can continue to support its customers, which include businesses from across the IT, Finance, PR and Communications industries, during lockdown. The financial support has also given the company, which arranges face-to-face meetings between its clients and new business prospects, an extra buffer providing the business with time to adapt to the changing situation.
Added to this, Don’t Just Sit There, Sell Something has also received a capital repayment holiday from HSBC UK. This has enabled the company to reduce its monthly outgoings and provided additional peace of mind about its cash flow, easing the pressure of covering staff costs and allowing the funds to be redeployed into the company’s fixed costs.
Liam Brennan, Director of Don’t Just Sit There, Sell Something, said:
"Whilst we have adapted our business by booking more virtual and online meetings, there is still uncertainty in the marketplace, which has meant a number of our clients have asked us to pause or stop campaigns. This has had an impact on our earnings and growth and we anticipate the next few months will still be stressful. But we are confident that the help, advice and financial assistance of HSBC UK will put us in a position to be able to support our current, new and returning customers in rebuilding their sales pipelines and allow our business to fully recover as soon as the crisis is over."
Andrew Steer, HSBC UK’s Area Director for Business Banking in Surrey and Sussex, added:
"Don’t Just Sit There, Sell Something has overcome many changes and events since its inception in 1991. We are proud to be supporting the company through this difficult time, providing clarity and guidance as well as financial aid to enable the business to become stronger and more successful when COVID-19 passes."
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.