Jobs safeguarded as cable management company secures funding
A cable management supplier has been able to maintain much of its day-to-day operations during the coronavirus outbreak and secure the jobs of its 19 staff after securing £180,000 in funding.
Birmingham-based DP Building Systems is a distributor of cable management and network infrastructure solutions. The firm provides a range of specialist products from several leading UK manufacturers, primarily to the construction industry.
When the coronavirus pandemic hit and the lockdown was announced, many of the firm’s customers were forced to stop work, leaving the business facing significant cashflow issues.
Within 48 hours of applying, the £180,000 CBILS funding package was approved, as was a loan repayment holiday for the next six months.
This has enabled the company to maintain its operations during the pandemic, giving it sufficient funds to pay its suppliers, whilst also being able to meet its own operational overheads and staff costs.
The loan will also allow DP Building Systems to more effectively trade back out of the pandemic as lockdown measures are gradually lifted.
In addition to its core cable management supplier operations, the business also has a licensed partnership with the LGBT Foundation, to supply a pride-inspired rainbow USB fast charger. For every sale of the product, the firm donates £1 to the foundation and has expanded this commitment during the coronavirus outbreak to donate an additional £1 to the NHS for every unit sold.
DP Building Solutions was established in 1998. The family-run business is based on the Tamebridge Industrial Estate in Perry Barr.
Rob White, commercial director, DP Building Systems said: “Lockdown has affected a significant proportion of our customers, as we primarily supply our products into the construction sector. So, while we’ve experienced a substantial dip in income, we’ve still had overheads and suppliers to pay. The loan from Lloyds Bank has given us peace of mind to focus on managing the business, whilst also securing jobs for our workforce.
“We’ve also been thrilled to be able to show our support and thanks for the great work the NHS is carrying out, by donating £1 to the NHS from every sale of our LGBT inspired USB fast chargers.”
Jason Nash, relationship manager, Lloyds Bank said: “We’ve been banking partner to DP Building Systems for more than two decades. It’s a business that has a UK wide reputation for supplying high-quality and innovative products and is successfully expanding its presence in key international territories. But, the coronavirus pandemic has inevitably impacted the business, primarily through its exposure to the construction sector. Rob needed help to maintain as much of the firm’s day-to-day operations as possible, with the goal being to trade back out of the crisis more smoothly, once lockdown is lifted.”