£50k loan "boosts recovery hopes" for Yorkshire restaurant

A family-run Harrogate restaurant which has lost 80 per cent of its income due to COVID-19 has been given fresh hope of surviving the pandemic.

William & Victoria, which has been in business for over 30 years, closed its doors in March when Britain’s lockdown was announced, causing 26 employees to be furloughed.

To sustain the business, its owners developed a takeaway and delivery service, but weekly sales have accounted for just 20 per cent of its usual income.

However, it has now secured a £50k loan from Lloyds Bank, via the government’s Bounce Back Loan Scheme (BBLS), as well as a six-month capital repayment holiday on other loans with the bank, which the restaurant and wine bar owners say will boost its recovery hopes.

Jo Straker, who owns William & Victoria with husband David, said: “This has been the most stressful time. Like all restaurants, lockdown made it impossible for us to operate so we had to close our doors. We had the idea of offering a takeaway service, but it can’t replace the income we’ve lost from being shut.

“The restaurant has been in the family for over 30 years but coronavirus is posing the biggest threat to our future we’ve known. We’re grateful to have Lloyds Bank on our side. The team helped us through the application process and funding arrived within 24 hours.

“We’re hopeful it will see us through to the time when restaurants can reopen.”

Lee Rycraft, relationship director at Lloyds Bank, added: “David, Jo and their team have been with us since 2013, when we provided the support for them to buy the building that houses William & Victoria and further funding to refurbish two years later.

“Being one of Harrogate’s most popular restaurants, it’s a great example of the type of business BBLS exists to support during the coronavirus pandemic. We’re confident David and Jo will be serving the community for many years to come.”