200 jobs safeguarded after 125-year-old company agrees banking deal
Some 200 jobs have been safeguarded after a builders merchants landed an extended overdraft deal from HSBC.
Turnbull & Co, the largest independent builders’ and plumbers’ merchants in Lincolnshire and Nottinghamshire, will use the facility to help manage supplier payments and wider business liquidity during the Covid-19 pandemic.
Celebrating its 125th anniversary this year, the company specialises in supplying building and plumbing materials, as well as kitchen and bathroom services. Headquartered in Sleaford, the company has a further seven branches across Lincolnshire, including its newest branch in Lincoln, which was opened at the end of 2019.
Gary Hopkins, managing director at Turnbulls, said: “It’s very important for industries such as ours to receive support during this time and we are very grateful to HSBC UK for the additional facility, which has provided reassurance to our business during the lockdown period. The facility was provided very efficiently in only a few days and it also ensured that we were ready to recommence trading as soon as we were able to do so, which we have now done.”
Philip Carr, HSBC UK relationship director East Midlands Corporate Banking, added: “HSBC UK is committed to supporting its customers during this period of uncertainty, and we were delighted to be able to provide the additional facility to Turnbulls. Each customer has their own unique circumstances and it’s important that we’re able to provide the right financial solution to support them.”