Jobs safeguarded as modular retail unit supplier secures funding
A Worcestershire-based supplier of modular retail units has secured a funding boost to fulfil orders and safeguard 15 jobs during the period of interruption caused by the coronavirus.
Rapid Retail secured a £98,000 investment from BCRS Business Loans through the Midlands Engine Investment Fund (MEIF) backed by the Coronavirus Business Interruption Loan Scheme (CBILS).
Although the company has a strong order book in place, the lockdown imposed in March made it challenging for Rapid Retail to produce and deliver units as scheduled, and many events and venues that were taking delivery of the modular units had to be cancelled or temporarily shut.
Now, as restrictions start to be lifted, Rapid Retail has secured the funding boost to help fulfil pre-existing orders and protect jobs until normal trading conditions resume.
Rapid Retail designs, produces and installs modular-constructed units to enhance retail experiences at events, stadia and venues across the UK and Europe. The company offers a portable, fully-branded alternative to bricks and mortar for portable shops, food and beverage stands, kiosks and fan zone areas.
The firm counts Gregg’s, Ben & Jerry’s, Costa Coffee, Arsenal and FC Barcelona as part of its client base.
Managing director of Rapid Retail, Nick Daffern, said: “As Europe’s leading supplier of bespoke modular retail units, we are fortunate to have entered this pandemic with a very strong order pipeline and a loyal customer base. Plus, Rapid Retail’s sales had more than doubled in our last financial year.
“Although the lockdown period has inevitably affected our business, we are now focusing on trading conditions returning to normal in early Autumn. But for now, we are putting measures in place to make it safe for our team to return to work so we can fulfil pre-existing orders and continue to focus on the growth of our business in the third and fourth quarter of this financial year.
“The whole loan process with BCRS was amazing and securing funding is essential for business growth and sustainability during such unprecedented times. It quite literally puts the lights on for businesses.”
Stephen Deakin, chief executive at BCRS Business Loans, added:
“We are delighted to have been able to support Rapid Retail during the period of disruption caused by the coronavirus. Rapid Retail has an incredibly unique and innovative product, which many of us will have already seen at entertainment venues across the UK and Europe without realising.
“It is so reassuring to see that Nick and the team at Rapid Retail have got such a positive, glass half-full attitude; this pandemic has highlighted how resilient businesses in the West Midlands are. As a lender of social and economic impact, we are pleased to see that 15 jobs have been safeguarded at this time.”