Mobility business secures future with Lloyds Bank Covid-19 support
A Shropshire company that supplies mobility equipment to the NHS and charities has secured a Lloyds Bank loan to help it overcome a slowdown in orders because of Covid-19.
Read time: 5 mins Added: 10/08/2020
Quest88, whose products include equipment for children with cerebral palsy, has agreed a £200,000 funding package via the government's Coronavirus Business Interruption Loan Scheme (CBILS). It has also refinanced £110,000 of debt.
It manufactures and sells equipment to the NHS, councils and charities that support people with mobility issues, but saw a 50% reduction in orders during lockdown.
As a result, the business was forced to furlough nine of its 21 employees.
Quest88, a Lloyds Bank customer for over 20 years, was founded by husband and wife team Jeremy and Pauline Henshaw.
The family business has turnover of £2.3m and specialises in orthotic equipment, which helps to support muscular development.
About 40% of its products are designed and manufactured in Britain with the remainder imported from the US and Germany.
"We see our products as essential as they improve quality of life for our customers."
John Dickenson, financial director, Quest88
John Dickenson added: "Although we've seen a slowdown in orders we expect to recover quickly when the country returns to some normality after lockdown.
"It wasn't an easy decision to furlough some of our employees but unfortunately we need to help secure the long-term future of the business. This new finance means we can trade through the current uncertainty and protect jobs so we get back up to full strength as soon as we can.
"We've been with Lloyds Bank for many years and the team were quick to offer support, turning around the loan in just a couple of days."
"Quest88's products improve the lives of people across the UK so we're very happy to be able to offer a package of support during these extraordinary times."
Claire Carr, relationship manager, Lloyds Bank
Support through tough times
Claire Carr added: "We're proud of our relationships with long-standing customers like Quest88 - it's a fantastic business"
Lloyds Bank has committed a £2bn fund to support businesses affected by Covid-19. The bank is offering fee-free lending to SMEs as well as capital repayment holidays.
All lending is subject to status.
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