London publisher secures £2.5m loan for support through lockdown dip
A London publishing group has announced that it has secured a £2.5m loan to trade through a coronavirus-driven dip in demand.
Welbeck Publishing Group, an independent publisher based in Fitzrovia, has secured a £2.5 million loan from HSBC UK through the Coronavirus Business Interruption Loan Scheme (CBILS).
When the lockdown began, Welbeck saw a decline in revenue due to the closing of both bookstores and international publishing partners.
The funding from HSBC UK has allowed the company to trade through the downturn and to continue paying its 70 employees, as well as authors, freelancers and suppliers.
The funding has also enabled the company to continue with its long-term strategy of developing and expanding its trade offering.
Mark Smith, executive director at Welbeck Publishing Group, commented: “The funding from HSBC UK was not just about protecting the company during lockdown, but also for our longer-term recovery whilst ensuring we continued to trade successfully in the UK as well as in Europe, ANZ and North America.
“As a result, we have been able to continue to prioritise our future plans of expanding our trade offering.”
Mark Frettingham, area director for London West End at HSBC UK, added: “HSBC UK is committed to helping businesses that have been impacted by Covid-19 such as publishing companies which continue to see significant changes in the industry.
“The CBILS loan has allowed Welbeck to invest in areas of high demand and continue its position as a leader in the sector.”
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