ANNOUNCED AS TEMPORARYNo
On 5 June 2020, British Bar Chain Revolution Bars Group Plc announced securing GBP 16.5 million (USD 21 million) term loan from Natwest which is guaranteed under the Coronavirus Large Business Interruption Loan Scheme (CLBILS). Under the scheme, the government covers 80% of the loan issued by a financial institution to the beneficiary i.e. GBP 13.2 million (USD 16.7 million).
The CLBILS, which was introduced by the UK government in April 2020 in response to the Coronavirus pandemic, aims to counter the liquidity shortage faced by undertakings because of the outbreak. The scheme is facilitated by the state-owned British Business Bank and delivered through its delivery partners.
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