Titanic Brewery is hoping a £1 million bank loan will help it stay afloat after the coronavirus crisis.
Burslem-based Titanic struck the seven-figure deal with Barclays as part of the Government-backed CBILS emergency loan scheme.
The cash will help the brewery to ‘reboot’ the business once the pandemic is over and help to save the jobs of around 200 employees.
Company director Keith Bott said: “Coronavirus struck just as we were moving into the busy spring season and suddenly all our income disappeared overnight.
“The bank loan has helped us ensure supplier relationships are maintained as well as helping us pay our staff and creditors.
“I think it’s important during this difficult time to make sure our whole supply chain stay on their feet.
“As well as honouring our payment terms, it means we will all be better placed for when the time comes to reboot our business after the crisis.”
Titanic Brewery – which was founded in 1985 – operates 13 pubs and cafe bars across Staffordshire, including BOD in Trentham, The White Star in Stoke and The Greyhound in Hartshill.
The brewery produces in excess of three million pints every year.
Keith said: “I called Barclays as soon as the pubs were forced to shut and we couldn’t have had a better experience.
“On Monday, we did our first brew since coronavirus hit us which we’ll be selling on our website and in the shops. We are glad that we can now keep our customers supplied until we can welcome them to the pubs for a pint when this is over.”
He added: “The impact of this pandemic will be felt for years to come by our business because the debt has to be repaid, but hopefully, when this is over, people will go out and support British business as a whole, to help get everybody back on their feet.”
The Coronavirus Business Interruption Loan Scheme (CBILS) – which is administered by the British Business Bank – has so far provided more than £1bn in loans, with interest and capital waived for the first year to small and medium-sized businesses across the UK.
Adam Edwards, Barclays Relationship Director said: “It has been a privilege to be able to help Titanic Brewery manage through the Covid-19 crisis.
“This iconic brand is not only loved throughout Staffordshire but also by beer aficionados nationwide.
“I was delighted when Titanic recently decided to put their trust in Barclays and myself, and we are determined to ensure that Titanic, as well as other local clients in our community, are still here when life returns to normal.
“Myself and the team have spent time getting to know the business, and when the group was impacted, our understanding of the business and our relationship with its owners made a huge difference.
“The new facility will secure valued jobs within the local community and provide vital liquidity to the business.”