Funding safeguards jobs at scaffolding firm
A Redditch-based scaffolding contractor has secured a funding boost to support its cash flow after building sites across the UK closed due to the coronavirus.
Portway Scaffolding secured £100,000 from BCRS Business Loans via the Midlands Engine Investment Fund (MEIF) supported by the Coronavirus Business Interruption Loan Scheme (CBILS).
The company, which also has operations in Glasgow, hires and erects scaffolding at construction sites across the UK. With experience in commercial and residential building works, transport infrastructure and demolition, Portway Scaffolding’s clients include Aldi, the Benniman Group and Persimmon Homes.
The coronavirus lockdown meant nearly all of Portway Scaffolding’s contracts were put on hold.
The funding boost will help ease the firm’s cash flow and secure the jobs of 32 staff.
Director of Portway Scaffolding, Donald McGrath, said: “Securing a funding boost at this time was an important step in helping us manage our cash flow during the period of interruption caused by the coronavirus.
“We expect business operations to start returning to normal soon, as lockdown measures are eased further and more construction sites re-open. In the meantime, we are busy reviewing our processes and putting additional measures into place to ensure it is safe for our staff to return to work.
“We have been communicating regularly with our customers and suppliers and envisage that demand for scaffolding will be similar to pre-lockdown levels, as we continue to fulfill pre-existing contracts and work on new construction sites resumes.
Stephen Deakin, CEO of BCRS Business Loans, added: “We are delighted to have supported Portway Scaffolding with the funding it required at this incredibly challenging time. This is an example of a strong, viable businesses whose growth plans were put on hold due to the unforeseen interruption to trading caused by the coronavirus.
“With such a loyal customer base, a strong pre-existing order book and a very experienced team in place, we know that Portway Scaffolding will be back to doing what it does best as soon it is safe to resume work.”
