Art business exhibits online growth with six-figure HSBC UK funding
A London-based art fair business has strengthened its online offering following a six-figure funding package from HSBC.
The Affordable Art Fair has secured a £600k Coronavirus Business Interruption Loan (CBIL) from HSBC UK after finding itself unable to put on its global events during the pandemic.
The firm holds events every year in global locations including London, Singapore and Melbourne, offering visitors an opportunity to purchase affordable pieces of artwork. It held its last event in London’s Battersea Park before having to cancel future events due to COVID-19 restrictions.
The Affordable Art Fair, which usually takes £36m worth of art sales at its 16 annual events around the world,has used the funding to invest in its online offering.
Billy Hodgins, chief financial officer at the Affordable Art Fair, commented: “There’s no doubt that the events side of our business has been impacted severely.
“But thanks to HSBC UK’s support, we’ve been able to better replicate elements of our physical presence online with our improved marketplace.
“We’re both delighted and reassured to see our online sales take off considerably, and we now have enough working capital to see us into the spring next year.”
Coenraad Horn, relationship manager at HSBC UK, added: “The Affordable Art Fair is a clear example of a business that, despite thriving in its field in the UK and internationally, was significantly impacted of Covid-19.
“We’re proud to have been able to help it through this challenging period and look forward to a time when crowds can gather and enjoy its art fairs once again.”
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