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GOVERNMENT SUPPORT THE BIKE TRADE

Ducati’s largest UK dealer chain with branches in Manchester, Preston, Stoke-on-Trent and Worcester, has become a beneficiary of government-backed funding for businesses affected by the Covid-19 pandemic. BDN financial editor Roger Willis reports.

Ducati Manchester has secured funding from its banker Santander Corporate & Commercial and the government’s Coronavirus Business Interruption Loan Scheme (CBILS) in the form of a 0% over draft facility

Santander is providing a capital repayment holiday on the company’s existing mortgage, plus a new £200,000 overdraft through CBILS, to help offset an inability to trade. All four showrooms in the chain are currently closed on a temporary basis with all staff being furloughed.

Welcoming this prompt assistance, Ducati Manchester managing director Chris Booth said: “As soon as the government launched CBILS, I contacted my Santander relationship director Peter Kennedy, to find out if it was a viable option for us. Santander has been brilliant at arranging the CBILS loan while I was busy making arrangements to secure the future of the business and our employees.  In these unprecedented times, I felt it important to get as much liquidity and support as possible to ensure we come back stronger.  We have also applied for the retail grants made available of £25k for 3 branches which were eligible. 

“The CBILS overdraft and the payment holiday on our existing Santander loan have given us a crucial buffer. Everything was agreed and arranged within a week, and the service I received from Santander has been exceptional. It’s just what businesses need from their banking partners in this time of unprecedented uncertainty and I feel we are now financially prepared to come back bigger and stronger once this epidemic comes under control.  For now, the most important thing is for the safety of my staff and customers and hope everyone is staying in and keeping safe.

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