A £2 million funding has been secured by a Bristol engineering company which manufactures, installs and maintains environmentally friendly refrigeration systems, from HSBC UK to help it through the Covid-19 pandemic.
A1 Engineering, which works predominantly for large UK supermarkets, has used the funding to continue operating its service and repair workstream for food retailers which have relied heavily on functioning refrigeration cabinets during the crisis, as well as to support cash flow while other workstreams have been turned off.
“We’ve been working with HSBC UK for the last 18 years and in that time, the team has always been on hand to support our ambitious growth plans. This latest round of funding is no exception. Not only has it allowed us to continue operating critical parts of our business, but it means we’re in a strong financial position when things return to normal, allowing us to re-open workstreams that have been closed due to the coronavirus,” commented managing director Dean Frost.
A total of £1.1 million of the funding has been secured from the government-backed Coronavirus Business Interruption Loan Scheme (CBILS). The remainder of the funding was made up of working capital facilities.
“A1 Engineering has enjoyed rapid turnover growth from £10 million in 2016 to a projected £33 million in 2020. Our funding, put in place by relationship director, Henry Moore, has allowed essential food retailers to call on A1 for much-needed repairs during a time of crisis, crucially with limited disruption to their business. We’re pleased to have given the business the certainty it needed to continue supporting its clients,” added James Shepherd, head of corporate banking, Bristol, Wiltshire & Gloucestershire, HSBC UK.
A1 Engineering is based at the Bristol & Bath Science Park.