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Tuesday, May 21, 2024
FinanceDUCATI MANCHESTER SECURES FUNDING THROUGH SANTANDER TO SUPPORT TEMPORARY CLOSURE DUE TO...

DUCATI MANCHESTER SECURES FUNDING THROUGH SANTANDER TO SUPPORT TEMPORARY CLOSURE DUE TO CORONAVIRUS PANDEMIC

Ducati Manchester has secured funding from Santander Corporate & Commercial and the Government’s Coronavirus Business Interruption Loan Scheme (CBILS) to help it get through the coronavirus pandemic.

Santander is providing a capital repayment holiday on Ducati Manchester’s existing loan and a new £200,000 overdraft through CBILS, which is part of a package of Government support for UK businesses and employees affected by the pandemic.

Ducati Manchester is the largest Ducati dealer in the UK and was named Ducati Dealer of the Year in Europe in 2019. It opened its first store in 2002 and sells Ducati motorbikes from four showrooms in Preston, Manchester, Stoke and Worcester, as well as Ducati clothing and accessories online.

The coronavirus pandemic, and the resulting social distancing measures introduced by the Government, have suppressed Ducati Manchester’s ability to trade. However, the capital repayment holiday and the new overdraft through CBILS will help it continue to pay its ongoing costs throughout the duration of the UK lockdown.

Chris Booth, Managing Director, Ducati Manchester said: “As soon as the Government launched CBILS, I contacted my Santander Relationship Director, Peter Kennedy, to find out if it was a viable option for us. Santander has been brilliant at arranging the CBILS loan for us while I was busy making arrangements to secure the future of the business and our employees. The CBILS overdraft and the payment holiday on our existing Santander loan have given us a crucial buffer. Everything was agreed and arranged within a week, and the service I received from Santander has been exceptional. It’s just what businesses need from their banking partners in this time of unprecedented uncertainty.”

Peter Kennedy, Relationship Director, Santander Corporate & Commercial said: “Ducati Manchester has been our client for two years and it’s a top-quality business with a bright future. The pandemic has constrained its ability to operate and sell its products, so we are pleased to be able to help it get through this with the CBILS overdraft and the capital repayment holiday on its existing loan. During this period of extreme uncertainty, we’re working very hard to support our clients and help them to manage their cash flow.”

For more information about the support available to businesses impacted by the Coronavirus pandemic, please visit our website www.santandercb.co.uk/coronavirus. This is updated regularly and has tips and advice on how to prepare your business and links to Government support schemes.

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