Anglian Country Inns
Partner:
Cynergy Bank
Region: East of England
Location: Letchworth Garden City
Programme: Coronavirus Business Interruption Loan Scheme
Having failed to secure vital working capital before the COVID-19 pandemic, the subsequent closure of hospitality businesses as a result of the outbreak hit Anglian Country Inns’ finances even harder. However, by applying for funding via the Coronavirus Business Interruption Loan Scheme (CBILS), the company was able to continue trading and ready its pubs for reopening.
Read what the business had to say in this CBILS case study.
British Business Bank: Can you tell us what your company does?
James Nye, managing director of Anglian Country Inns: Anglian Country Inns operates nine venues across Hertfordshire and North Norfolk, all of which are designed to be premium pubs that focus specifically on providing a very strong food offering. Some of the pubs also have accommodation to let.
The coronavirus has affected a huge number of businesses across the UK. What problems were you facing as a result of the outbreak and what made you apply for CBILS support?
We needed funding but we were unable to complete a refinancing with our previous bank. However, by making an application for CBILS support, we were able to receive this loan from Cynergy Bank, alongside emergency working capital funding.
How long did the application process take? Did you need any support?
From the initial application to completion, it took 19 working days.
Quite simply, receiving the CBILS loan has enabled us to survive and spend time on reviewing every aspect of our business. We want to make sure we emerge from this COVlD-19 pandemic a much stronger and more efficient operation.
James Nye, managing director of Anglian Country Inns
What advice would you give to other businesses that are applying for a CBILS loan?
My advice would be to develop a very strong relationship with your bank. Work closely with them to understand exactly what information they need from you, and why. Making sure this was the case with our business saved us a lot of potential anguish, as it made the process incredibly smooth.
How has the CBILS loan helped your business to weather the outbreak? And what might have happened if you hadn’t received it?
Quite simply, receiving the CBILS loan has enabled us to survive and spend time on reviewing every aspect of our business. We want to make sure we emerge from this COVID-19 pandemic a much stronger and more efficient operation.
If we hadn’t been successful in getting the funding from the scheme, I’d probably have had to remortgage my home, as would my 74-year-old father, who’s also part of the business. And if that hadn’t succeeded, Anglian Country Inns would likely have failed.