Firm plugs into COVID loan scheme

A Washington-based manufacturer and supplier of professional audio and visual equipment has secured the backing of Lloyds Bank to continue trading through the COVID-19 pandemic.

Canford Audio has revised its projected turnover for the coming months – with demand for its products dropping – to zero from concerts and sports coverage and has furloughed some staff.

To support its cashflow, it has used the support of Lloyds Bank with a £600,000 loan through the coronavirus business interruption loan scheme (CBILS).

The business has the option to repay the loan sooner should demand for its products return to normal in the coming months.

Canford was founded in 1976 and has been a customer of Lloyds Bank since 1984.

John Francis, a director of Canford, said: “We’ve worked alongside Lloyds Bank throughout every period of the economic cycle, as shown by our sale into the employee trust last year.

“These are uncertain times but, with the backing of our banking partners, strong businesses like ours will emerge at the other side to play a key part in the wider economic recovery.”

Michael Hindhaugh, relationship director for SME banking at Lloyds Bank, said: “We’re fully aware of how well-run Canford is and its importance as an employer, having worked closely with it for the last 36 years.

“The decision to provide it with the CBILS to plug a short-term gap in cashflow was an easy one for us and it’s testament to the hard work of our team that they did it in just 10 working days.