Gardiners puts best foot forward with £6m financing
By Rob Freeman | 17th July 2020
A Gloucester footwear specialist has secured a £6million finance facility from HSBC UK to support the business throughout the coronavirus crisis.
Gardiners, the UK's leading distributor of footwear and workwear brands to the retail trade, has used the funding to retain its workforce on full pay during the pandemic.
The furlough scheme was only used to support employees who were required to shield.
The funding has also enabled Gardiners to recruit new staff during lockdown to support its growing digital presence.
Group chief executive James Gardiner said: "Gardiners was established in 1860, meaning we have more than 140 years' experience in providing the best possible service for the different market sectors we operate in.
"We have worked with HSBC UK for the last 10 of those years and the team has always taken the time to understand the business and identify ways to help us grow.
"This latest round of funding is no exception. It has enabled us to offer security to those who are at the core of our business and ensure we have a successful future ahead."
The business supplies a host of retailers across the UK and EU, such as Next, Littlewoods and Very and the HSBC UK funding has ensured Gardiners can retain its customer base as well as continuing its ambitious growth strategy by entering agreements with new brands.
The government-backed Coronavirus Large Business Interruption Loan Scheme supplied £5million of the loan with an additional £1million from an increase to its existing Trade Finance facility.
James Shepherd, HSBC's head of corporate banking for Avon, Gloucestershire and Wiltshire, said: "Gardiners is a fantastic example of a successful South West business with an international reach which has gone from strength-to-strength despite the coronavirus crisis.
"The funding put in place by HSBC UK has ensured Gardiners can safeguard the future of its employees, while continuing to grow the business and adapt to the changing marketplace.
"We look forward to continuing our long-standing relationship with James and the team when things return to normal."
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