155 jobs protected as Sunderland glassware company receives £1.5m funding

Funding from a UK bank has safeguarded 155 jobs at a North East glassware company.

Sunderland-based IG Group, which supplies glassware and tableware to pubs and clubs, has been supported with a £1.5m Coronavirus Business Interruption Loan (CBIL) from HSBC.

The funding will be used to maintain the fixed costs of its four premises and to help cashflow after 70 per cent of its core business was wiped out as a result of Covid-19.

IG Group also supplies PPE and cleaning equipment to care homes and contract cleaners.

The group has seen this smaller side of its business triple in size as demand for these products has grown considerably during the pandemic.

Stephen Hoey, CEO of IG Group, said: “The business took a dramatic and unexpected shift when coronavirus swept the nation and, while we’ve worked hard to meet the demand for PPE equipment and navigate the market as we source new suppliers, it’s been important we maintained our cashflow.

“HSBC UK’s support has been invaluable in allowing us to adapt, keep operating and safeguard jobs.”

Stuart McLaren, relationship director at HSBC UK, said: “We’re committed to supporting UK businesses during this period of uncertainty, and we were delighted to be able to help IG Group to help ensure it is able to provide the nation with important PPE equipment and to ensure that it is in the best possible position to resume ‘business as usual’ when it is able to do so.”

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