As many of its customers – trade showrooms and builders’ merchants – closed their doors in response to the spread of the coronavirus, bathroom distributors CM Marketing took quick action, changing its working methods and assessing its cashflow. One important decision it made was to shore up its capital via the Coronavirus Business Interruption Loan Scheme (CBILS).
Success Story
| Region/Nation | Northern Ireland |
|---|---|
| Programme | Coronavirus Business Interruption Loan Scheme (CBILS) |
| Partner |
Read what the business had to say in this CBILS case study.
British Business Bank: Can you tell us what your organisation does?
Neville Robinson, director of CM Marketing: Since 1988, CM Marketing has operated as a distributor to the combined bathroom and plumbing trade in Northern Ireland and the Republic of Ireland.
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 lockdown meant many trade showrooms and builders’ merchants had to close their doors, which, for us, led to a decline in sales. We also found that an increasing number of our customers were becoming slower with their repayments because the pandemic had affected them too.
As a result of all that, we acted quickly to modify our day-to-day processes and reduce the long-term implications. However, projections suggested that a challenging trading market could still disrupt our cashflow, so we decided to apply for additional funding through CBILS.
How long did the application process take? Did you need any support?
Less than two weeks between our first conversations and receiving the funding.
The CBILS loan has enabled us to keep our supply chain open during such a challenging period. Our relationships with suppliers are very important, built on clear communication and trust, and the additional liquidity means we can be open when discussing payment terms. Neville Robinson director of CM Marketing
What advice would you give to other businesses that are applying for a CBILS loan?
Having thorough and up-to-date business plans for forecasting information to hand meant that we were able to work closely with our lender to access the funding in less than two weeks.
How has the CBILS loan helped your organisation to weather the outbreak? And what might have happened if you hadn’t received it?
The CBILS loan has enabled us to keep our supply chain open during such a challenging period. Our relationships with suppliers are very important, built on clear communication and trust, and the additional liquidity means we can be open when discussing payment terms.
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