Member Article

40% increase in Yorkshire businesses seeking extra finance in preparation for the Tour de France

With the-anticipated debut of Tour de France Yorkshire, Barclays has seen a high volume of business customers in the Yorkshire region prepare for the Grand Départ, when 12 million spectators are expected to descend.

Working in partnership with Welcome to Yorkshire, Barclays has seen a 40% uplift in requests from Yorkshire businesses for additional lending- loans, credit cards and overdrafts, in the run up to the Tour de France- £5.7 million to date.

This is on average £180k per business, and demand has been in the hospitality sector in particular; restaurants, hotels and cafés. The event will make a considerable difference to the business landscape in Yorkshire long after the Grand Départ has departed.

Rebecca McNeil, head of Business Lending and Enterprise at Barclays, said: “The Tour de France has presented a huge opportunity for local businesses of all sizes and sectors across the Yorkshire region as it features on a Global stage.

“Our lending team has supported businesses in the run up to the Tour, helping those wanting to take advantage of both the short and long-term benefits the event brings, and the legacy it will leave behind.

“We’ve seen businesses expand premises, create new products and adapt their business especially for the Tour.”

Caroline Pullich, head of Business Banking in Yorkshire and the North East, commented: “The majority of business requests for finance have been for both long and short term loans, with customers looking to use the influx of tourists as the impetus to adapt and grow their businesses, not merely to ‘cope’.

“In order to support our customers we have held training sessions to enhance the skills of our Business Relationship Managers, customers attended road shows run by the Welcome to Yorkshire Tourism Board and we hosted pop up clinics working with LEPs and MPs for the area. It’s been fantastic to see so many of our customers maximising this opportunity by expanding their business.”

This was posted in Bdaily's Members' News section by Clare Burnett .