A Somerset company that creates and restores custom Land Rover Defenders has secured funding which it says will save 80 jobs.
Arkonik, in Frome, will use the seven-figure sum from HSBC to pay staff, suppliers and support cash flow throughout the coronavirus pandemic, it said.
The business secured the money from the bank through the Government’s Coronavirus Business Interruption Loan Scheme (CBILS).
Andy Hayes, who started Arkonik while recovering from a motorcycle accident in 2007, said the finance has provided “much-need job security” for his teams in the UK and US.
“Since the global lockdowns came into effect, all orders in transit to North America have been put on hold,” he said.
“[The funding has] enabled the business to continue to take orders during one of the most challenging times for businesses everywhere.”
Arkonik, which has a current turnover in excess of £10 million, has created more than 300 custom-built Land Rover Defenders since it was founded 13 years ago.
Each Defender requires more than 55 production staff to build and has an average retail price of £180,000, with every part of the vehicle custom-made if required.
David Butler, head of business banking at HSBC in Bristol, Gloucestershire and Wiltshire, said: “Arkonik is a great example of a business which puts both its people and its products at the heart of everything it does.
“Andy and his team have spent years lovingly bringing Land Rover’s iconic Defenders back to life and have been rewarded with a global client base and many returning customers.
“With its roots firmly in the South West, our team has been committed to supporting the business during this challenging time and we look forward to seeing its inevitable success in the future."
HSBC said it was offering funding to companies through CIBLS with a group turnover of up to £45million.
