Vehicle parts firm lands CBILS loan – and expands product range

A Leicestershire business specialising in the supply and distribution of vehicle parts has secured CBILS funding from Barclays.

Melton Mowbray-based Trade Vehicle Parts, noticed that orders were starting to decline during the lockdown which is when the business took the decision to apply for a CBILS loan to enable it offer a wider range of products and to increase their potential customer base.

The business, which was established in 2015 by friends Vladimir Asenov and Deyan Petrovski, supplies insurance-approved accident repair parts for all vehicle makes and models but has now extended its product range.

Asenov said: “When we first noticed the effects of the lockdown on our trade, Barclays reacted quickly and we secured a CBIL loan in just a few weeks. The funds gave our business the breathing space it needed to start rethinking our business strategy and adapt to changing customer needs. Thanks to the help and support of our dedicated Relationship Manager, I have a positive outlook for the future.”

Amar Karia, business manager at Barclays said: “After helping the business secure a commercial mortgage to allow the purchase of their first ever property earlier in the year, I was determined to continue supporting the business through the coronavirus pandemic. I’m delighted that the business has been able to successfully pivot, which holds it in good stead for the future.”