Loan will cover roofing specialist during coronavirus lockdown period

A Blackburn roofing specialist will be able to trade through the lockdown period after receiving a seven-figure loan under the Government’s support system.

Prefix Systems (UK) received the Coronavirus Business Interruption Loan Scheme (CBILS) payment via Barclays Bank.

The firm, which was founded in 1996, makes off-site constructed roof systems across four sites.

It has grown to become one of the UK’s leading roof system manufacturers, producing a wide range of off-site constructed home extension and glazing solutions, such as glazed roofs, tiled roof solutions, skylights and lanterns, and aluminium windows and doors.

However, with the effective shut down of the industry, many of the clients that the company serves were not able to continue with planned projects, presenting significant cash flow challenges on the business until normal trading resumes.

However, the CBILS award will help the business with the cash flow it needs to see itthrough this disruptive period.

Prefix director, Chris Cooke, said: “Due to the restrictions imposed because of COVID-19 we had to suspend trading as the health and safety of our employees is our number one priority.

“Our contingency plans factored into account the immediate furloughing of a small group of staff, although strong continuous employment still remains vital to handle existing orders and new orders still coming in.

“The second part of our plan involved applying for a ‘Coronavirus Business Interruption Loan’ with Barclays, again guaranteeing liquidity and maintain a platform to ensure the business can prepare with confidence for a return to trading, whatever that looks like.

“It also means maintaining payments to our 200+ suppliers keeping the supply chain moving, which is crucial, and retaining our highly-skilled workforce of over 120 people.”

Shakira Musarat, Barclays relationship director, said: “Chris and the team have put in a huge amount of work to build Prefix Systems into a strong and well respected business, so when coronavirus impacted them, we moved quickly to discuss how Barclays could help.

“As a bank, we provided the necessary information so the company could make the right decisions in a difficult situation. The CBILS loan will give the company enough fuel to get through in this uncertain time and be ready to bounce back quickly when demand returns.”