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Pulborough-based Hepworth Brewery has received an overdraft extension and a £500,000 Coronavirus Business Interruption Loan Scheme (CBILS) loan from HSBC UK. The funding will enable the company to protect 30 local jobs and adapt its business model to deliver its beer directly to customers as well as start to plan to supply pubs again as the hospitality sector prepares to reopen.
Hepworth Brewery was established over 20 years ago and creates award winning craft beer, supplying national retailers like M&S and Co-op. In late March, the company lost 75 per cent of its business operations overnight due to the Covid-19 pandemic as suppliers and the hospitality sector temporary closed.
The six-figure CBILS loan from HSBC UK will provide vital support to Hepworth Brewery, helping to cover business costs and lost income streams. The funding also supports the business’s move to sell beer online to local customers in the West Sussex area - a vital income stream allowing the brewery to continue generating orders despite government restrictions. Hepworth will now also use the funding to prepare to supply pubs again as the hospitality industry plans to reopen to the public.
Andy Hepworth, Managing Director and Head Brewer of Hepworth Brewery, said: “With the hospitality sector having largely been at a standstill, a lot of our regular clients are no longer trading, which has had a huge impact on our earnings and growth. There is still some uncertainty in the industry about when pubs and restaurants will be open for business again, but we are preparing for the 4th July.
“The CBILS loan from HSBC UK has put Hepworth Brewery in a position to be able to support staff, customers and the business for the next six-month period, ensuring we can survive throughout these difficult times. The loan has also given me personal confidence that our business will fully recover.”
Andrew Steer, Area Director for Sussex and Surrey at HSBC UK, added: “Over 20 years of experience has seen Hepworth Brewery establish itself as one of the most well-known and respected names in the craft beer industry. We were pleased to be able to support the business despite these unprecedented times and look forward to seeing the business not only recover from this difficult period but continue to grow.”
HSBC UK is working closely with the Government and UK Finance to identify emerging issues and make sure customers and businesses have the advice and support they need. For tips and advice for businesses around planning for any possible disruption, visit www.business.hsbc.com/novel-coronavirus.
The new measures build upon the package of support that HSBC UK has already announced for business customers: