An independent bakery in Bristol is able to “safeguard” 50 jobs and continue trading after landing a six-figure sum.
Cakesmiths, on St Philips Road, had a multi-million-pound turnover before the pandemic and supplied independent retailers and high street coffee shop chains across the city.
But the the bakery said demand for its cakes, tray bakes and flapjacks "dried up" after the coronavirus outbreak and UK lockdown saw cafes close.
Now the business has secured funding through the government’s Coronavirus Business Interruption Loan Scheme (CBILS) and is able to run a "limited" online delivery service.
Cakesmiths said the funding from Lloyds Bank will help with cash flow and means the business can keep on its 50-strong team - most of whom are currently furloughed.
Director Mike Thorne said: “With the majority of coffee shops across the UK still closed, we know it will be a while before we’re back operating as usual,” he said.
“Lloyds Bank’s support has been key in helping us navigate the disruption to our supply chain, and retaining our brilliant team, meaning we can get back up and running as soon as demand returns.”
Valeriia Matiushina, relationship manager at Lloyds Bank, added: “Those in the hospitality sector are among the worst-affected by coronavirus and they make up the majority of Cakesmiths’ customer base.
“Returning to the level of trading experienced before the pandemic may not be a quick process, but Mike and the Cakesmiths team are now in a position to come back strongly when the time is right to do so.”
