Skelmersdale flooring firm granted six-figure loan
Raised Floor Solutions has secured a government-backed six-figure loan from Lloyds Banking Group
The Skelmersdale-based composite flooring contractor has a turnover of £17m but had to furlough 60 per cent of its workforce as the coronavirus pandemic closed a majority of construction sites across the UK.
The company is also the largest approved supplier of Kingspan's steel decking, which has closed its manufacturing operations.
However, some projects have continued and last month the business also succeeded in securing new steel decking, concrete floor slab and access flooring contracts with a total value of £3m.
The Coronavirus Business Interruption Loan Scheme funding package will allow Raised Floor Solutions to quickly return to normal operations as soon as it is safe to do so.
Graham Hewitt, managing director, said: "In these uncertain times, despite our credit insurance policies, it only takes a couple of bad debts to put a cash flow under pressure. It is heartening to work with the team at Lloyds as we, along with the whole construction industry, face unprecedented challenges from the coronavirus pandemic. Securing CBILS funding from the Bank was essential to provide a secure cashflow during this extraordinary period.
"As an employee-owned business, protecting our staff, key supply chain and subcontractors is of upmost importance. These funds from Lloyds Banking Group put Raised Floor Solutions in an extremely solid financial position to fulfil our order book and for us to continue to take on new projects over the next 12 months and beyond.
"Over the past week, as more and more clients are advising that sites are reopening we look forward to being able to welcome all our employees back to work as soon as we are able to."
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