Wolverhampton safety equipment specialist gets support from HSBC
Spillard Safety Systems, a supplier of specialist vehicle equipment based in Wolverhampton, has secured a £525,000 loan from HSBC UK to help maintain critical supplier payments during lockdown.
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, 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.
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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.
The new measures build upon the package of support that HSBC UK has already announced for business customers.
