The new owner of a metal fabrication firm has his sights set on growth after securing coronavirus funding support following a difficult 2020.
Cirencester Fabrication Services (CFS) secured £150,000 from BCRS Business Loans, which delivers the government’s Coronavirus Business Interruption Loan Scheme (CBILS) and the Community Investment Enterprise Facility (CIEF).
After a 12-week closure of its 10,000 sq ft welding and production facility during the first coronavirus lockdown dealt an unexpected blow to the firm’s revenue, a CBILS funding boost enabled CFS to implement new coronavirus health and safety measures in order to return to business as usual.
The funding boost also enabled new managing director Marc Begg to purchase the business from retiring directors who founded the firm almost four decades ago.
CFS designs, fabricates, and welds products from mild steel, stainless steel and aluminium, such as barriers, bollards, staircases, building structures, balconies and much more.
Marc said: “We are delighted to have secured a CBILS funding boost from BCRS Business Loans in order to recover from the 12-week closure last year.
“With a long and prestigious heritage of providing metal fabrication services, I am incredibly pleased to have acquired Cirencester Fabrication Services.
“This purchase confirms my commitment to the business after extensive experience as a trained metalsmith myself and have my sights firmly set on growth by extending our stainless steel offering and updating machinery in the near future.
“But in the meantime we will continue to keep turning inspiration into metal, for the prototype stage or batch production.”
Angie Preece, Senior Business Development Manager at BCRS Business Loans, added: “The company’s commitment to growth during the coronavirus pandemic is testament to its resilience and entrepreneurialism. Furthermore, as a lender of intentional social and economic impact, we are delighted to see that the company expects to create three new jobs in the near future.
“Ultimately, we believe that no viable business should go unsupported, so would urge small businesses in the West Midlands to get in touch if you are unable to access finance from traditional lenders, such as banks.”
This funding boost was supported by the Community Investment Enterprise Facility (CIEF), which is managed by Social Investment Scotland.
Alastair Davis, CEO at Social Investment Scotland, said: “The CIEF fund was developed to provide investment support to small businesses creating valuable local social and economic impact. We are delighted that Cirencester Fabrication Services have secured this finance and that it will now allow them to recover from the challenges of the Coronavirus pandemic.”
The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and industrial Strategy (BEIS).
West Midlands based businesses can secure loans from £50,001 to £150,000 via CBILS accredited lender BCRS Business Loans, where interest and lender-levied fees are paid by the government for the first year. Alternatively, loans from £10,000 to £150,000 are available from BCRS outside of the CBILS scheme.