Edward Thomas & Son, a family-run bus and coach hire company based in Epsom, Surrey, has protected its 73-year-old legacy and secured its future after receiving a £140,000 Coronavirus Business Interruption Loan Scheme (CBILS) loan through HSBC UK.
Edward Thomas saw all its current and future bookings suspended due to the coronavirus crisis, and HSBC UK, which has supported the company for more than 37 years, provided a CBILS loan to help cover costs until October 2020, enabling the business to continuing operating throughout the coronavirus pandemic.
The loan also ensured that business owner Ivan Thomas, son of the company’s founder Edward Thomas, could protect the jobs of his 50 employees. Edward Thomas & Son is now focusing on maintaining the business and securing bookings for September onwards, ensuring they can begin to serve their clients once Government restrictions are lifted.
“We have been proudly serving customers across Surrey and beyond for over 70 years,” says Ivan Thomas. “We were devastated when we had to stop taking bookings, not knowing when we would be operating again, so we were determined to ensure we stayed afloat during this time and secure our survival.
“We’ve had a great relationship with the team at HSBC UK having banked with them for many years and were extremely thankful for their swift, efficient and straightforward approach when we needed it most. The CBILS is crucial to our survival at this time, and we’re now looking forward to the time when we can welcome our customers back once again.”
David Hamblin, HSBC area director for business banking in south London, adds:
“Edward Thomas & Son has been serving its clients many years, and therefore we knew it was vital that the business was protected. The south London team were able to process the CBILS support within a matter of days, and we’re delighted to be continuing to support the company both now and in the future.”
The Coronavirus Business Interruption Loan Scheme is available for existing customers with a group turnover of up to £45million. The Government guarantee secures bank loans to viable businesses with a sound borrowing proposal.