The Lincolnshire builders' merchants' overdraft will help manage supplier payments and wider business liquidity
Turnbull & Co, the largest independent builders’ and plumbers’ merchants in Lincolnshire and Nottinghamshire, has secured an overdraft facility from HSBC UK to help manage supplier payments and wider business liquidity during the Covid-19 pandemic.
Celebrating its 125th anniversary this year, the company specialises in supplying building and plumbing materials, as well as kitchen and bathroom services.
Headquartered in Sleaford, the company has a further seven branches across Lincolnshire, including its newest branch in Lincoln, which was opened at the end of 2019.
The funding from HSBC UK has not only supported the business in continuing to maintain supplier payments but also supported its 200-strong workforce.
Gary Hopkins, Managing Director at Turnbulls, said: “It’s very important for industries such as ours to receive support during this time and we are very grateful to HSBC UK for the additional facility, which has provided reassurance to our business during the lockdown period. The facility was provided very efficiently in only a few days and it also ensured that we were ready to recommence trading as soon as we were able to do so, which we have now done.”
Philip Carr, HSBC UK Relationship Director East Midlands Corporate Banking, added: “HSBC UK is committed to supporting its customers during this period of uncertainty, and we were delighted to be able to provide the additional facility to Turnbulls. Each customer has its own unique circumstances and it’s important that we’re able to provide the right financial solution to support it.”
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.
