Hot Stone London
Programme: Coronavirus Business Interruption Loan Scheme
Like all restaurants, Hot Stone London was ordered to close once coronavirus spread more widely throughout the UK. The business needed a cash injection to help cover its costs during the lockdown, and so applied to the Coronavirus Business Interruption Loan Scheme (CBILS) for support.
Read what it had to say in this CBILS case study.
British Business Bank: Can you tell us what your organisation does?
Padam Raj Rai, executive head chef of Hot Stone London: Hot Stone is an award-winning sushi restaurant based in Islington, London, and one of only a handful of restaurants in the UK to serve fresh Japanese Wasabi and certified Kobe beef.
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?
The COVID-19 pandemic led to the restaurant’s closure, and the business needed a cash injection to help cover its costs during the government-ordered lockdown. A CBILS loan helped maintain cashflow and get the business through the weeks and months that followed.
How long did the application process take? Did you need any support?
All in all, it took only about a week and the lender provided all the support that we needed. Our experience was positive and our application was handled very professionally.
CBILS has given us hope for the future and should see our business go from strength to strength. The COVID-19 outbreak could have been truly damaging – without the CBILS loan, we would’ve suffered severely.
Padam Raj Rai, executive head chef of Hot Stone London
What advice would you give to other businesses that are applying for a CBILS loan?
The application process is such a simple one, and an easy way for a business to get financial help. The scheme could make such a big difference to your business’s future.
How has the CBILS loan helped your organisation to weather the outbreak? And what might have happened if you hadn’t received it?
The Coronavirus Business Interruption Loan Scheme has given us hope for the future and should see our business go from strength to strength. The COVID-19 outbreak could have been truly damaging to our business – without the funding, we would’ve suffered severely.