Region: North West
Programme: Coronavirus Business Interruption Loan Scheme
A provider of bespoke vitamin and CBD supplements, YourZooki found business during the COVID-19 pandemic actually became more brisk. Instead of seeking finance to save jobs or continue trading, the company has used Coronavirus Business Interruption Loan Scheme (CBILS) funding to help meet demand and maintain a high level of service for an increasingly health-conscious customer base.
Read what the business had to say in this CBILS case study.
British Business Bank: Can you tell us what your company does?
Marcus Mollinga, founder of YourZooki: YourZooki offers liquid-based supplements that deliver active ingredients — including Omega 3, vitamin C and CBD — which can help combat fatigue, increase collagen production and bolster the immune system. We sell our products directly from our website to customers in the UK and Europe, as well as via retailers such as Whole Foods, Harrods, Selfridges and Holland & Barrett.
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?
For our business, COVID-19 has actually acted as a significant driver of demand. Sales have spiked dramatically during lockdown and so it has been important for the company to have the headroom to increase stock and maintain high levels of service. This is always a critical component of any business, but never more so than in the early stages when YourZooki is building channels and demand.
With the help of CBILS, we’ve been able to deal with the extraordinary trading conditions that have accompanied the pandemic and the business is excelling in this very dynamic market environment.
Marcus Mollinga, founder of YourZooki
How long did the application process take? Did you need any support?
The process was swift and only took four weeks from beginning to end. The outcome from the loan is that YourZooki has been able to keep pace with increased demand.
What advice would you give to other businesses that are applying for a CBILS loan?
It’s important to leave no stone unturned when it comes to making sure that your business has the working capital necessary to adapt and move forward.
How has the CBILS loan helped your business to weather the outbreak? And what might have happened if you hadn’t received it?
The effects of the ongoing pandemic have made consumers a lot more health-conscious. People are prioritising their physical and mental state much more than before. With the help of CBILS, we’ve been able to deal with the extraordinary trading conditions that have accompanied the pandemic and the business is excelling in this very dynamic market environment.