A seven-figure loan has helped a historic Derbyshire cheese maker increase online sales.
Buxton-based Bradburys Cheese has secured a £ 1.5million loan through Secure Trust Bank Commercial Finance under the Large Business Coronavirus Disruption Loan Program (CLBILS).
This was the first CLBILS loan provided by Secure Trust Bank, which became the first alternative finance provider to be accredited under the Coronavirus Business Lending Program.
Since then, Bradburys, which was formed in 1884, has used the £ 1.5million boost to reassess its product offering and routes to market.
Having developed a new e-commerce offering, the company has already achieved online sales of £ 2.5million and plans to further expand its digital capabilities in the coming months.
The company has grown rapidly in recent years. Owned by the Paul family since 1994, the company has grown from a local offering with turnover of £ 4million to an international organization with revenues of over £ 70million.
The company has more than 100 customers worldwide, from Australia to Hong Kong, and is the sole supplier of cheese to the Falkland Islands.
The CLBILS loan has also enabled Bradburys to cope with the backlog of demand caused by the pandemic, including with a 150% increase in its supply in Australia in the past three months alone.
This is the second time that Secure Trust Bank has provided funding to Bradburys Cheese, with the lender providing the company with an £ 8.5million asset loan facility in October, designed to increase its working capital.
George Paul, Director of Bradburys Cheese, said: “We had such a positive experience with Secure Trust Bank earlier this year that when Covid-19 hit we felt absolutely confident to discuss our concerns and options. with the team.
“The trust, professionalism and expertise of the team have been absolutely invaluable in strengthening the business in this uncertain time.
“Through their support and the work of our committed and talented Board of Directors, I am confident that we can not only rebuild, but also expand and grow our business to be more customer-centric in a post-world world. Covid. “
David Green, Regional Sales Manager at Secure Trust Bank Commercial Finance, said: “Bradburys’ determination to persevere and think critically about their business model and offering at such a difficult time is a testament to the team.
“We worked closely with George and the management team to assess the numbers and determine an appropriate loan value.
“With this £ 1.5million CLBILS facility in place, we look forward to continuing to work alongside them as the economy recovers in the months and years to come.”