Wednesday, July 8, 2020

Energy and waste management consultancy secures £250,000

A Long Bennington-based energy and waste management consultancy has been able to bolster its cashflow and support staff salaries amid Coronavirus disruption.

Blue Castle Group, comprised of Blue Castle Business Services Ltd. and Blue Castle (Energy) Ltd., delivers bespoke solutions that help its clients reduce their energy and waste management costs, and increase their waste recycling.

Approximately 30% of its business stems from the hospitality and leisure industry.

The Coronavirus lockdown meant that a number of Blue Castle’s customers suspended their contracts with the Group, resulting in the loss of almost a third of its revenue and putting pressure on its cashflow.

However, it has now secured a £250,000 loan through the Coronavirus Business Interruption Loan Scheme (CBILS) from banking partner Lloyds Bank.

This, combined with an existing invoice finance facility, will help Blue Castle meet trading costs, maintain staff salaries and extend the payment terms of its own customers affected by the crisis, helping it to continue operating throughout the outbreak.

Marie Harley, chief executive officer at Blue Castle Group, said: “While some of our clients have seen a rise in activity due to COVID-19, others, such as hotels and caravan parks, have had to shut their doors and understandably reduce their own outgoings by suspending contracts. This has naturally impacted our cashflow.

“However, our invoice finance facility meant we were immediately able to access cash from previously issued invoices, and this new CBILS loan will only strengthen our position.

“We’ve had to take the decision to furlough 70% of our 30-strong team. As well as helping us continue to pay our suppliers, this support means we can carry on topping up their salaries to 100%, as well as continuing to pay our team members that are still working.

“It has also given us the headroom to offer some of our customers more time to pay their invoices. We’re all in this together, and it’s incredibly important to us that we help them too.”

Ben Cutts, Relationship Manager at Lloyds Bank, said: “Blue Castle Group is an incredibly innovative business with big plans for the future.

“Coronavirus has put an immediate squeeze on its operations, but we’re incredibly proud to be able to offer it our support to help it continue operating through these difficult times.”

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 lockdown having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £31.50 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.




Latest news

Modular installation firm boost senior team as COVID turnaround continues

East Yorkshire modular installation firm, Frontier Modular Services, has strengthened its management team with the appointment of Adam Millikin as Operations Manager. Mr Millikin, who...

Wakefield logistics facility acquired in £20m deal

Hines Glob­al Income Trust has acquired a UK logistics asset at Wakefield 41 Industrial Park from AEW UK Core Property Fund for £20.635 million. Located...

Business volumes fall at record pace in financial services

Business volumes in the financial services sector declined at the quickest rate on record, according to the latest CBI/PwC Financial Services Survey. Profitability and...

Job applications rise and competition intensifies

Competition for jobs has intensified as the lockdown eased with applications rising by 32% in June, according to a new market report. The report, from...

Croda swoops for US life sciences firm

Croda International, the Goole-headquartered speciality chemicals producer, is acquiring US life sciences business, Avanti Polar Lipids. The deal brings together Avanti's expertise in lipid-based drug...

NPIF-backed business launches thermal imaging tech to detect COVID-19

Connectus, a connectivity and end user managed service provider, is launching thermal imaging technology to help businesses to detect COVID-19. The company – which has...

Related news

Modular installation firm boost senior team as COVID turnaround continues

East Yorkshire modular installation firm, Frontier Modular Services, has strengthened its management team with the appointment of Adam Millikin as Operations Manager. Mr Millikin, who...

Wakefield logistics facility acquired in £20m deal

Hines Glob­al Income Trust has acquired a UK logistics asset at Wakefield 41 Industrial Park from AEW UK Core Property Fund for £20.635 million. Located...

Business volumes fall at record pace in financial services

Business volumes in the financial services sector declined at the quickest rate on record, according to the latest CBI/PwC Financial Services Survey. Profitability and...

Job applications rise and competition intensifies

Competition for jobs has intensified as the lockdown eased with applications rising by 32% in June, according to a new market report. The report, from...

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close