Halfords has secured a £25m funding package to help the business recover from the crisis.
The money comes from the Coronavirus Large Business Interruption Loan Scheme and was granted by the Redditch retailer’s existing consortium of lenders, including HSBC.
Like all businesses, Halfords was hit by the crisis, although as it is a bike shop most of its retail stores were able to remain at least partially open and its Autocentre garage network stayed open offered a contactless vehicle pick up and delivery service
Loraine Woodhouse, Chief Financial Officer at Halfords, said: “While our market-leading motoring and cycling businesses have strong macro tailwinds, this additional contingency funding gives us even greater confidence in our ability to trade our way successfully through the current uncertain environment. We would like to thank our lenders for their ongoing support.”
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Akhil Shah, Relationship Director at HSBC UK, added: “Like all retailers, the business has faced unprecedented challenges. As the lockdown restrictions ease and more of its stores open, this additional funding gives Halfords the confidence and the headroom to continue serving its customers effectively.”