LEES, a member of The Corporate Finance Network with offices in Norwich, London and Hampshire has advised a Travel company on fundraising following the Coronavirus outbreak.
The LEES corporate finance team were asked for assistance following the immediate impact the countrywide lockdown had on the travel & tourism sector, a consequence of the COVID pandemic. The business, heavily reliant on business travel was severely impacted which meant the company was faced with immediate cashflow issues.
The project, led by Corporate Finance specialist Martin Wilson, assisted with cashflow forecasting which was vital to arranging financing facilities using Coronavirus Business Interruption Loan Scheme (CBILS). The LEES team supported the client through the application process as well as advising and assisting with other available measures in order to help steer the company through the current situation.
The application was submitted however the bank recommended a Bounce Back Loan (BBL) instead of a CBILs loan. Funding was successfully obtained which enabled the client to adapt for the unforeseeable future.
