Tyrone-based caravan dealership receives six-figure support loan
A leading Tyrone caravan dealership has secured significant financial support packages from Ulster Bank through the UK Government-backed Coronavirus Business Interruption Loan Scheme (CBILS).
Cookstown Caravans Ltd, trading as Cookstown Caravans in Mid Ulster and Kirkcaldy Caravans in Scotland, has received a six-figure loan facility from the bank.
Bangor-based dealership LPC Caravans received a similar loan.
Capital repayment holidays, one of the many support measures the bank has introduced for its business customers, have also been extended to both businesses.
Nigel Walsh, director, Corporate & Commercial Banking, Ulster Bank, says the prolonged closure of caravan parks is a significant challenge for the dealerships.
“Caravan dealerships are reliant on a strong, but short trading season and that window of opportunity is closing fast. We’re pleased to be able to extend this support to both companies, some of the many businesses within the leisure and tourism industry we continue to work closely with at this time.”
Leona McNicholl, senior relationship manager, Commercial Banking, Ulster Bank, says the support is intended to help maintain positive cash flow as the businesses work with their suppliers.
“Caravan dealerships undertake inventory restocking in the off-season – the winter months – ahead of the peak season pre-Easter and through the summer. Both businesses are reporting depressed sales and high stock levels with payments falling due.
“We’re pleased to be able to deliver these loans and capital repayment holidays at this critical juncture to provide cash flow relief to enabling them to continue to their work.”
Malcolm Sempey, managing director of Cookstown Caravans Ltd, explains: “We’re optimistic the demand for new and used caravans will return once lockdown is relaxed and holidaymakers are able to return to the park.”
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