Pearson Quality Homes
GC Business Finance
Region: North West
Programme: Bounce Back Loan Scheme
Forced by the COVID-19 pandemic to cease work on its first new development, this housebuilding company decided to seek support via the Bounce Back Loan Scheme (BBLS) so it could resume construction as soon as restrictions allowed.
Read what the business had to say in this BBLS case study.
British Business Bank: Can you tell us what your company does?
Ian Smethurst, finance director at Pearson Quality Homes: Pearson Quality Homes was formed in 2018 by me and the two other company directors. We each have over 30 years’ experience of running businesses and, with this venture, wanted to pool our resources and expertise to acquire small development sites in rural areas across Lancashire on which we can build bespoke quality residential properties.
How did COVID-19 affect your business, and why did this mean you needed funding?
The national lockdown that came because of COVID-19 delayed our first development in Wrightington, West Lancashire, by 13 weeks. The social distancing restrictions made it very difficult for staff and suppliers to access the site.
To counteract the negative impact of the coronavirus pandemic, and to get the Wrightington development back on track, we sought a Bounce Back Loan via GC Business Finance.
The Bounce Back Loan has supported us in resuming work on our Wrightington development and getting the properties up for sale.
Ian Smethurst, finance director at Pearson Quality Homes
In what way did the funding help your business survive?
For businesses such as ours, this has been a particularly difficult year. We found ourselves short on funds to finish off the build of our Wrightington development and had struggled to secure funding through high-street providers. We’ll use the Bounce Back Loan Scheme to complete Wrightington and get our business plan back on track.
Did the Bounce Back Loan allow you to feel more optimistic about the future of your business?
The Bounce Back Loan has supported us in resuming work on our Wrightington development and getting the properties up for sale, and I’m looking forward to seeing it finished. Moving forward, we’ll continue to look for sites to develop in rural locations in the North West.