Goulds (Dorchester) Limited
Region: South West
Programme: Coronavirus Business Interruption Loan Scheme
Having only recently spent a large sum on inventory for the summer season ahead, the COVID-19 shutdown couldn’t have come at a worse time for retail group Goulds (Dorchester) Limited. Facing a sudden cashflow crisis, the business sought financial support via the Coronavirus Business Interruption Loan Scheme (CBILS).
Read what it had to say in this CBILS case study.
British Business Bank: Can you tell us what your company does?
Brian Tuson, chairman of Goulds (Dorchester) Limited: Originally formed in 1902, Goulds (Dorchester) Limited is a retail group that operates two department stores and a garden centre in the South West.
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?
Just before stores across the country were closed as a result of the coronavirus lockdown, we’d bought all our new inventory for the spring/summer season. Once the shutdown was implemented, the business was faced with a sudden and immediate cashflow crisis, for which we needed urgent financial support.
How long did the application process take? Did you need any support?
For us, the process began on 27th March, and it took 11 days for NatWest, the lender, to approve our application. We received the CBILS loan 15 days later, so that’s 26 days all in all.
The staff we dealt with at NatWest were extremely supportive throughout the application process.
CBILS has allowed us to survive the coronavirus lockdown and prepare for any challenges we might meet in the future. It’s also saved nearly 250 jobs in
Brian Tuson, chairman of Goulds (Dorchester) Limited
What advice would you give to other businesses that are applying for a CBILS loan?
I’d urge any business considering applying to CBILS to clearly communicate its needs to its bank, and work closely with the representatives at the bank throughout the entire application process. For us, this made getting the loan much easier.
How has the CBILS loan helped your business to weather the outbreak? And what might have happened if you hadn’t received it?
CBILS has enabled our business to survive the coronavirus lockdown and prepare for any challenges that we might encounter in the future. It has also saved nearly 250 jobs in south-west England.
If we hadn’t secure a CBILS loan, Goulds would have been reliant on securing a commercial loan from NatWest or, worse, become insolvent.