Shoreham pub secures future with £250,000 coronavirus loan
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High Street's Crown and Anchor, which is part of Regency Corporation, received the support after its parent company was loaned funds through the Coronavirus Business Interruption Loan Scheme (CBILS) from Lloyds Bank.
The town centre haunt has been closed since the Government ordered all pubs to close in March in an attempt to stem the flow of coronavirus.
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Hide AdRegency Corporation, which was founded ten years ago, has had to furlough all of its 150 employees, including the staff of the Crown and Anchor.
The loan from Lloyds Bank will boost cashflow, the company said, meaning the business can pay its suppliers and its staff until the furlough grant is received from the Government.
Matt Short, owner of Regency Corporation, said: “We were in growth mode and looking to increase our portfolio again this year. Now everything is on hold.
“During this difficult time, we want to make sure we look after both our staff and our suppliers. We use a lot of local suppliers, small brewers and artisan food producers that need to be paid.
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Hide Ad“Our Lloyds Bank relationship manager has been excellent - always available and willing to spare the time for us, despite being very busy himself. He talked us through several different options, and we agreed that CBILS was the right solution for us at this time. It was a very simple process and we had the money within a fortnight.
“Our pubs are typically at the heart of their communities. We have a lot of vulnerable people that use our sites. Some of these people don’t have families and are stuck at home. We’re mindful of our role in the community and want to support them. So, we’ve been checking in on customers and going to get them food if they need it. We have also allowed a few local street food vendors to use the kitchens in the pubs so that they can run delivery services.
Regency Corporation had made significant growth during 2019, doubling its turnover and adding sites to its portfolio. Its pubs are typically located in small towns and each pub is run independently and tailored to the local community.
Colin Grant, relationship manager at Lloyds Bank, said: “Matt and the team at Regency Corporation have grown the business over ten years. The business was going great guns and experiencing impressive growth pre the COVID-19 lockdown.