£300k government loan helps Easy Living Mobility safeguard all 36 employees’ jobs
Multi-branch mobility retailer Easy Living Mobility secured a £307,000 funding package during lockdown to ensure none of its 36 members of staff were lost as a result of the coronavirus pandemic.
Well-established in the competitive West Midlands arena with 12 stores, the almost 20-year-old company had been expanding quickly ahead of the lockdown, launching two new group-owned stores and its franchise scheme last year.
Following the outbreak of the coronavirus and subsequent government retail closure, Easy Living Mobility closed the doors to its stores throughout the lockdown.
The result was a significant impact of the expanding retailer’s cash flow as it furloughed approximately two-thirds of its team whilst keeping a skeleton team on to handle emergency enquiries from vulnerable customers.
Working with Lloyds Bank, the company was able to navigate the available government support and arranged a £307,000 loan through the Coronavirus Business Interruption Loan Scheme (CBILS).
The funding proved vital for enabling the company to continue to respond to urgent queries from customers, alongside capital to pay mobility suppliers and meet its fixed overheads, including staff costs.
Daniel Griffiths, Director at Easy Living Mobility said: “Our specialist mobility equipment improves the quality of our customers’ lives. Unfortunately, they haven’t been able to access our stores or any of our installation or maintenance services during lockdown, and this has had a big impact on our customer’s lives as well as our business.
“We’ve seen a substantial decrease in turnover since the crisis unfolded, so the support we’ve had from Lloyds Bank has been invaluable. The team was really helpful and quickly provided a funding solution to give us the cash flow needed to meet our overheads and other costs during lockdown. This has been a real lifeline for our business.”
Having recently reopened stores following the end of the government retail lockdown, the company is now on the road to recovery like many in the sector as consumer confidence gradually returns.
The CBILS funding arranged by Lloyds Bank is also supporting Easy Living Mobility’s sister company Motus Medical, a supplier of specialist lightweight wheelchairs and powered wheelchairs.
Adam Hartshorne, Relationship Manager at Lloyds Bank said: “The service and support that Easy Living Mobility provides to its customers is second to none. It helps people who rely on disability and mobility aids to live more independently, which is critical to their wellbeing. But as the business predominantly services a market that’s been impacted by the lockdown and social distancing rules, it needed extra support during these challenging times.”https://thiis.co.uk/300k-government-loan-helps-easy-living-mobility-safeguard-all-36-employees-jobs/https://thiis.co.uk/wp-content/uploads/2019/10/Easy-Living-Mobility-Hanley-store-1.jpghttps://thiis.co.uk/wp-content/uploads/2019/10/Easy-Living-Mobility-Hanley-store-1-150x150.jpgCoronavirus NewsCOVID-19 Trade NewsNewsroomRetailer NewsTrade NewsCBILS,Coronavirus Business Interruption Loan Scheme,Daniel Griffiths,Easy Living Mobility,franchise,funding package,Lloyds Bank,loan,Mobility retail,Motus MedicalMulti-branch mobility retailer Easy Living Mobility secured a £307,000 funding package during lockdown to ensure none of its 36 members of staff were lost as a result of the coronavirus pandemic. Well-established in the competitive West Midlands arena with 12 stores, the almost 20-year-old company had been expanding quickly ahead...Calvin BarnettCalvin Barnettcalvin@thiis.co.ukAdministratorTHIIS Magazine