ESP secures seven-figure CBILS funding
Wednesday, July 22, 2020
ESP Colour is the latest print business to secure a substantial CBILS loan to help it ride out the Covid-19 pandemic.
The Swindon-based printing and e-commerce fulfilment business has arranged a bespoke funding package through Barclays that includes a £1m CBILS loan.
The fresh funding will help cover working capital requirement and will also be used to develop new offerings for the future.
The package was put in place by Barclays relationship director Nicola Atkinson, who said she was pleased that the bank had been able to arrange the backing for “an innovative company with a strong management team”.
ESP group managing director Simon Smogur commented: “The new funding package from Barclays will enable us to trade out of the current Covid-19 crisis and implement our future growth strategy.
“We remain committed to working in partnership with our clients, by providing exceptional client care, expertise and products that are second to none. This injection of capital will allow us to build on our strength and success of the business now and in the future. Barclays were fantastic and the relationship Nicola has helped build between ESP and Barclays, was vital in the success in our CBILS application.”
In its most recent accounts, for 2018, ESP Colour had sales of just under £18.5m and 140 staff. It has continued to operate with a reduced workforce during the crisis with a number of employees furloughed via the Coronavirus Job Retention Scheme.
The period has been used to “proactively to overall improve the business and offering to customers”.
The company’s in-house production capacity spans B1 litho, digital and wide-format printing and it also has extensive in-house finishing facilities. ESP produces a wide range of products from stationery, brochures and leaflets to personalised photobooks and display graphics.