Coronavirus business update: Latest news across Yorkshire
A creative marketing and brand company has received an NPIF loan backed by the Coronavirus Business Interruption Loan Scheme (CBILS) from NPIF – FW Capital Debt Finance, which is part of the Northern Powerhouse Investment Fund.
Sheffield-based Vivid Creative received £250,000 of NPIF funding following a period of trading uncertainty as a consequence of Covid-19 restrictions.
Trading for over 20 years, Vivid Creative is a fully integrated agency that offers market research, brand strategy and development, creative design, websites, public relations, and digital and marketing campaigns that drive client brands through to sales revenue growth.
Company revenue exceeds £1m per annum and the business currently employs 13 people. The NPIF funding will allow Vivid Creative to continue with its plan to expand its workforce, potentially creating up to nine new jobs.
The deal was introduced by Martin Dean of Shorts Corporate Finance Accountants and led by FW Capital Investment Executives Anne Blanden and Steve Teasdale.
Gerry Arcari, Vivid Creative managing director, said: “Accessing this CBILS-backed NPIF funding has been very important to help get our business into a good position so that we can continue to grow and adapt to the challenges of Covid-19.
“The team at FW Capital were very helpful and understanding and we thank them for the support.”
Anne Blanden, FW Capital investment executive, said: “Vivid Creative is a well-established, reputable business which has been a profitable operation trading in Sheffield since 1999.
“The team needed funding to help grow the business following a period of trading uncertainty as a consequence of Covid-19. We are happy to have been able to support them during this unprecedented time.”
Martin Dean, corporate finance executive at Shorts, said: “We are delighted to have assisted on this transaction which ultimately puts a great business in the best possible position to maximise future opportunities.”
Using the Coronavirus Business Interruption Loan Scheme, to support the Northern Powerhouse Investment Fund, FW Capital is able to loan between £100,000 and £750,000 to SMEs that are experiencing lost or deferred revenues, leading to disruptions to their cash flow.
Both new and existing customers are eligible to apply.
FW Capital provides loans in the Northern Powerhouse Investment Fund region with a focus on the North West, Cumbria and Tees Valley.
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Preparations for Christmas are in full swing at the Newburgh Priory estate, near York – despite the national lockdown.
More than 20,000 Christmas trees are currently being readied for sale.
Newburgh Priory owner Stephen Wombwell said he believes Christmas this year will be very important – as families across the country try to forget about the pandemic.
He added: “This has been a terrible year for everyone and the impression I’m getting is that people want to bring a bit of festive cheer and celebrate the best they can.
“Anecdotal evidence so far suggests that the sale of Christmas decorations has been swifter than ever.”
Wombwell and his childhood friend Will Standeven has been growing Christmas trees on the estate for the last ten years.
Now they are selling them in bulk across the north of England this Christmas, as well as setting up a special retail outlet at Newburgh – and giving trees away to local schools.
Wombwell said: “The national lockdown will inevitably present challenges. But we are well-prepared and will work strictly within all Covid-19 guidelines. We are working towards opening our retail outlets as we normally do.
“If all goes well, I am hoping that in a few years’ time, up to 25% of my income will come from selling trees, but at the moment it’s a waiting game.
“We’ve had eight years of growing trees with roughly £100,000 worth of outgoings a year.”
Standeven added: “Last year we had our best year yet, harvesting and selling thousands of trees, ranging from 5ft-7ft for the cut trees and about 3ft for the potted trees.
“This year we are confident of breaking that record, with 20,000 trees available to buy.”
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City of York Council says it will distribute Government grants to York businesses as quickly as possible, following an emergency decision session yesterday afternoon – 5 November.
The decision comes after the Government issued detailed guidance on delivering three new grant schemes, which had been announced over the past two weeks.
The council will swiftly process the Government-prescribed grant allocations, this will cover:
- The period of national lockdown
- The brief period whilst York was in Tier 2 of local restrictions
- The new grant for sectors which have received no previous Government support
Councillor Nigel Ayre, executive member for finance and performance, said: “Our staff previously put in a huge effort to distribute over £110m of support to businesses in the summer, resulting in York being one of the fastest paying councils for business support during the first national lockdown, and this time around, we are working hard to do the same.”
“We have developed a system to pay out these these payments into business bank accounts as soon as possible.
“There have been three grant schemes announced in quick succession, so we’re also working on a process which helps businesses easily apply for everything they are entitled to.
“Now that we have received the full detailed guidance, we are also working to identify how best to spend the discretionary parts of the scheme.
“We are working with businesses and partners across the city to look at the fairest and most effective way to use that money, in order to protect businesses and jobs.”
Councillor Andrew Waller, executive member for the economy and strategic planning, said: “While this funding will be used to protect hundreds of York businesses and jobs, sectors like retail, and some self-employed/micro businesses are set to miss out.
“If your business has fallen through the cracks and will not benefit from these new announcements, please contact us as soon as possible at economicgrowth@york.gov.uk and we will continue to raise these ongoing issues with the Government and regional partners.”
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