Success Story
| Region/Nation | South West |
|---|---|
| Programme | Bounce Back Loan Scheme (BBLS) |
| Partner |
Having already struggled through a challenging winter of bad weather, the arrival of COVID-19 and the associated lockdown meant this Cornwall riding centre had to shut down. Lacking the funds it needed to care for the horses and keep the business running, the centre’s owners applied to the Bounce Back Loan Scheme (BBLS) for vital working capital.
Read what they had to say in this BBLS case study.
British Business Bank: Can you tell us what your company does?
Andy Reeve, owner of St Leonards Equitation Centre: Established in 1978, St Leonards Equitation Centre is a riding centre that also caters for British Eventing cross-country and unaffiliated and affiliated dressage competitions. We offer tuition to adults and children, but we also welcome tourists to stay in our four cottages all year round. It’s a family-run business set in the beautiful Tamar Valley.
How did COVID-19 affect your business, and why did this mean you needed funding?
We’d already had a challenging winter because of bad weather, and when the lockdown began in March 2020 we had to suspend all business. With no cashflow to speak of, we were facing an uncertain future, and so applied to the Bounce Back Loan Scheme for financial support.
How did you find the application process?
It’s important that businesses like ours are supported in difficult times, and Barclays, with its network of relationship managers, is committed to doing so. It provided our business with the funds and support we needed to survive this crisis and recover quickly.
The Bounce Back Loan has not only allowed us to continue looking after the horses, but has also bought us enough time to make sure that we’ll be able to host some big events once it’s deemed safe to do so. Andy Reeve owner of St Leonards Equitation Centre
Can you provide a specific example of how you used the funding to bring about a positive change (or changes) to your business?
Receiving the Bounce Back Loan meant that we’ve been able to make some significant improvements to the cottages, repaint the whole property and make improvements to the stables.
In what way did the funding help your business survive?
The money allowed us to keep our horses fed and pay for our silage bills months in advance.
How did your Bounce Back Loan help your business (for example, with paying bills, paying staff, buying stock, paying down debt etc.)?
The Bounce Back Loan has not only allowed us to continue looking after the horses, but has also bought us enough time to make sure that we’ll be able to host some big events once it’s deemed safe to do so.
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