Turnbull & Co, the Lincolnshire and Nottinghamshire independent builders’ and plumbers’ merchants secured help from HSBC UK to manage supplier payments and wider business liquidity during the Covid-19 pandemic.
The funding from HSBC UK has not only supported the business, which is 125 years old this year, in continuing to maintain supplier payments but also supported its 200-strong workforce. Headquartered in Sleaford, the company has a further seven branches across Lincolnshire, including its newest branch in Lincoln, which was opened at the end of 2019.
Gary Hopkins, Managing Director at Turnbulls, said: “It’s very important for industries such as ours to receive support during this time and we are very grateful to HSBC UK for the additional facility, which has provided reassurance to our business during the lockdown period. The facility was provided very efficiently in only a few days and it also ensured that we were ready to recommence trading as soon as we were able to do so, which we have now done.”
Philip Carr, HSBC UK Relationship Director East Midlands Corporate Banking, added: “HSBC UK is committed to supporting its customers during this period of uncertainty, and we were delighted to be able to provide the additional facility to Turnbulls. Each customer has their own unique circumstances and it’s important that we’re able to provide the right financial solution to support them.”
Among the the package of support that HSBC UK has already announced for business customers is :
- Allocated £5bn to help businesses that need support
- Removed the £100 Small Business Loan fee to relieve the pressure faced by SMEs across the country
- Removed informal overdraft fees – As of 1st April we will no longer apply any Informal Overdraft fees
- Offering repayment holidays to free up cash within businesses
- Stopped all unauthorised overdraft charges
- Reviewing overdrafts or trade loans to allow stock to be held for longer
- Extended that support to customers that can give immediate help to essential public services and vulnerable people.
- Contacted companies involved in the manufacture and supply of Personal Protective Equipment to offer preferential finance and, where possible, the direct purchase of supplies and equipment for essential public services.
- Launched a coronavirus helpline to support any customer queries and a dedicated coronavirus hub on the website.