A Peterborough warehousing and distribution company has secured a finance package from HSBC UK to support it through the ongoing pandemic.
Bretts will use the funding – secured via the government’s Receivable Finance Coronavirus Business Interruption Loan Scheme (RFCBILS) – to meet increased demand from food service and retail customers.
Peter Jackson, commercial director at Bretts, said: “The pandemic has affected our business in very different ways. At the start of lockdown we saw a huge surge in demand due to increased buying from supermarkets.
“Food service used to be one of the biggest markets we supplied to, but lockdown meant the market evaporated overnight and we don’t anticipate normal operation to resume until Christmas. Meanwhile, food manufacturing has also been severely impacted. We have, however, been able to ensure continued provision of services to existing and new customers.
“The support from HSBC UK has helped to protect the business’s cash flow, ensuring we were able to respond quickly to our customers’ requirements, whilst not delaying payments across the supply chain, and has enabled us to start planning for our customer’s future needs.”
Bretts comprises two businesses, Bretts Transport and Bretts Storage.
