Programme: Bounce Back Loan Scheme
One of thousands of restaurants across the UK that had to close its doors to keep COVID-19 at bay, Edinburgh’s Ondine sought support via the Bounce Back Loan Scheme (BBLS). With this funding, it was able cover its costs and generate an ongoing revenue stream with a new fine-dining home delivery service.
Read what the business had to say in this BBLS case study.
British Business Bank: Can you tell us what your company does?
Karin Brett, co-owner of Ondine: Ondine is one of Edinburgh’s most well-known seafood restaurants. We sit just off the Royal Mile and, in normal times, serve tourists and locals alike with a fine-dining seafood menu.
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 BBLS support?
Obviously, our main problem was that restaurants effectively had to shut their doors overnight because of the COVID-19 lockdown. And yet as a business we still had a lot of payments to make.
The Bounce Back Loan helps cover some of those payments as well as allowing us to pivot to a fine-dining home delivery service. That gives us an ongoing revenue stream as we try to generate income during these difficult times.
Without the Bounce Back Loan, we couldn’t have covered overhead costs, paid non—furloughed staff, paid suppliers or met interest payments on existing loans, and would have felt the already notable effects of the pandemic much more keenly.
Karin Brett, co-owner of Ondine
How long did the application process take? Did you need any support?
The application was quick and simple, and our relationship manager at Barclays supported us exceptionally well, helping us every step of the way.
How has the Bounce Back Loan helped your business to weather the outbreak? And what might have happened if you hadn’t received it?
The Bounce Back Loan has allowed us to meet overhead costs, pay staff who weren’t furloughed, pay suppliers and meet interest payments on existing loans. Through Barclays, we’ve also been able to negotiate a six-month holiday on our capital repayments and a three-month “rental holiday” on our Barclaycard payment terminals. We’ve also taken advantage of the government’s Coronavirus Job Retention Scheme and put a number of our staff on furlough.
Without the loan, we wouldn’t have been able to do any of this, and the already notable knock-on effects of the pandemic to our business would have been more keenly felt.