The Press and Journal (Aberdeen and Aberdeenshire)
£100k bank loan helps bike tour company to keep wheels turning
Inverness-based mountain bike tour company H&I Adventures has secured a £100,000 Coronavirus Business Interruption Loan (CBIL) to keep it trading through the Covid-19 crisis and safeguard several jobs.
Support from the government-backed initiative, arranged through the HSBC UK bank, has let the firm avoid using the furlough scheme for its five staff and rearrange postponed 2020 customer bookings.
H&I Adventures runs mountain biking package holidays in 17 countries around the world.
Revenue fell 85% in 2020 after the halt to international travel saw lost bookings and deposits
Chief executive Euan Wilson said: “The pandemic’s impact on international travel has affected us as it has the rest of the tourism industry.
“HSBC UK’s support has allowed us to ‘flatten the curve’ and weather the initial impact of Covid-19 on our cashflow.
“It has also allowed us to improve our offering, as we have used this time to invest in training our teams globally, putting us in as strong a position as possible when international travel is allowed and bookings can resume.”
Susan Rowand, head of business banking in Scotland at HSBC UK, added: “The tourism sector has been one of the most badly affected by the pandemic and HSBC UK is determined to help businesses navigate this difficult period.
“H&I has grown over the years thanks to its successful business model and it is clear it will continue to prosper once travel restrictions have eased.”