Pub group able to open again after landing funding line
Derbyshire-based hospitality business Drink Eat Sleep has landed funding from Barclays through the Bounce Back Loan Scheme, meaning its pubs will open again.
Drink Eat Sleep is made up of three pubs, including the renowned Ladybower Inn set in Hope Valley. The traditional stone-built pub dates back to the 18th century and was even once used as a morgue during a spate of local murders in the 1700s. Now a safe resting point, the inn and the other two business sites provide visitors to the local area with striking views across the Peak District.
Despite being fully booked up on Mother’s Day early this year, with over 1,200 bookings across their three sites, the business was forced to close its doors and missed out on trading on its busiest day of the year. Since then, the sites have remained close for three months, unable to take in business due to their remote locations.
Shaun White, director of Drink Eat Sleep, applied for funding from Barclays through the government-backed Bounce Back Loan scheme, which helped to ease the pressure on the business’ cash flow and allowed the business to retain all 55 of its staff.
White added: “It was a hectic week, preparing to reopen three sites after being shut for three months. However, we had a good time and lots of the locals came down to support the reopening.
“Whilst we’ve lost 25-30% of our capacity, the key is to make our customers feel safe. I think it’ll be a slow start, but with a decent summer we should be in a good position and our rooms are already fully booked. Thank you to Barclays for being so accommodating.”
Jack Winnard, Barclays business manager, who put together the funding package for the deal, said: “I am delighted to support Shaun’s business during these unprecedented times. In what has been a difficult time for the industry, the funds have allowed the business to survive and I wish them a successful reopening over the next few months.”