Holiday firm secures £17m funding package
Chorley-based Alfa Leisureplex Group has secured a £17m credit facility including a £5m Coronavirus Business Interruption Loan Scheme (CBILS) loan from Lloyds Bank.
The finance follows on from a £1.9m overdraft extension agreed in March and will help the company see through the coronavirus pandemic without job losses.
Alfa would usually take more than 115,000 people on holiday in a standard year, operating a fleet of 48 coaches and 22 seaside hotels across the UK from Newquay and Llandudno.
Customers have been offered the option to postpone trips to a later date, receive a credit note valid until the end of 2022 or a accept full refund.
The company is 75 per cent owned by its 710 employees, who each receive an equal share of the company’s profits. Last year, the group registed £43m turnover.
Emma Russell, managing director, said: "The bank put emergency overdraft funding in place within 48 hours during the early stages of the crisis. The facility provided immediate assistance, enabling us to refund our customers.
We’ve been able to use this period of closure to design and shape our future holiday experiences.
“Over the past few weeks we’ve worked with Lloyds Bank on a broader package of support. The new facility means that we haven’t had to make difficult decisions in relation to our staff and our customers. We’ve been able to use this period of closure to design and shape our future holiday experiences."
John Csizmadia, relationship director at Lloyds Bank, said: “Alfa Leisureplex is a prime example of a business that was in good health and trading well before the COVID-19 crisis hit. It now just needs a bit of support to get through this period where it has had to put its business on hold.
“There are lots of businesses across the UK in a similar situation and we’re doing all we can to help them through this difficult time.”
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