Games developer secures funding to cover temporary fall in revenue
A Lichfield based video game developer has secured a funding boost from the Coronavirus Business Interruption Loan Scheme (CBILS) to cover a temporary fall in revenue.
Elite Systems has secured £25,000 from CBILS-accredited lender BCRS Business Loans.
The company recently recreated and sold 10,000 units of the 1980s home computer the Sinclair ZX Spectrum, and is currently re-establishing another 80s computer brand, C=Commodore, and appointing licensees.
Managing director of Elite Systems, Steve Wilcox, said: “Elite Systems was established in 1984 as a leading developer and publisher of games for popular home computer systems, which it continues to be today, as well as being a designer and developer of innovative entertainment hardware devices.
“Although we are continuing with design and development work from home, like most businesses we are currently experiencing a significant reduction in turnover due to the interruption caused by the pandemic.
“This has of course temporarily affected our cash flow which prompted us to access CBILS funding. Now this is in place, our business is secured for the lockdown period and we can make preparations for normal trading to resume as soon as it is declared safe to do so by the government.”
Chief executive of BCRS Business Loans, Stephen Deakin, added: “We are delighted to have supported the funding needs of Elite Systems during this incredibly difficult period. This is a strong, viable business that required the support of CBILS to secure its cashflow position until trading conditions return to normal. We are committed to supporting businesses right across the West Midlands that have been affected by the coronavirus pandemic.”
This deal was funded by the Community Investment Enterprise Facility (CIEF), which is managed by Social Investment Scotland.