An independent Bristol bakery said it is able to continue trading and “safeguard” jobs after securing funding through the government’s Coronavirus Business Interruption Loan Scheme (CBILS).
Cakesmiths, which supplies high street chains and independent retailers, had a multi-million-pound turnover before the virus outbreak but demand for its baked goods dried up after UK lockdown when coffee shops and cafes closed.
The company said the six-figure sum 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.
The bakery is also able to run a "limited" online delivery service, according to director Mike Thorne.
“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, said: “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.”
