Bacup-based business Bark Engineering has secured funding from Barclays through the Government backed Coronavirus Business Interruption Loan Scheme (CBILS) in order to maintain the ability to trade through the COVID-19 crisis and to help meet the needs of coronavirus medial challenges.
Formed in 2019, through the joining of forces of Bowser Supply and Arc Multi Metals, Bark Engineering are a two-sided business that carry out both steel fabrication work, as well as laser cutting and steel processing. Despite a strong start to the year, when Coronavirus started reducing the number of jobs coming through to the team, the disruption to their cash flow impacted their ability to fund and fulfil larger contracts coming their way.
The CBILS funding will not only help the business to support their team of 20 staff, but will also enable them to fulfil big incoming enquiries, such as producing ventilator boxes to support coronavirus medical efforts, that will continue to sustain the business.
Wendy Etheridge, Managing Director of Bark Engineering, said: “This year started with a bang and was just getting better and better. However, when Coronavirus came out of the blue, we weren’t sure if we could keep going. We had big enquiries coming in, however we needed the stock to fulfil them, and we didn’t have the money to get the stock without our normal bread-and-butter jobs coming through too.
“The process of securing a CBIL loan was relatively easy – our Barclays Relationship Managers were amazing throughout. They were patient, talked to us through everything we needed to know, and we weren’t treated like a tick-box exercise. Accessing the loan meant that we were able to fulfil an order to produce ventilator boxes – which were needed at a very short deadline – to support the coronavirus medical effort. The funds also enabled us to fulfil a big order of water bowsers for a client – which are large mobile water tanks – that are being used to clean schools during this time.
“We have such a loyal workforce and this loan has really raised everyone’s spirits – I think this in turn has even attracted new business.”
Martin Hirst, Barclays Relationship Manager, said: “It’s been very rewarding working with Wendy and the business to provide funds so they can sustain their business through the current crisis. The CBIL funding will enable them to continue to grow the business at pace and support their fantastic efforts in supplying ventilator boxes, and we’re delighted to be able to support a valued customer through these challenging times”
