Many small businesses suffer at the hands of a tumultuous economy and during the recent financial downturn, many lenders closed their doors to loan or investment applications. In contrast to this bleak reality, Barclays stood fast in a commitment to our customers, keeping the credit lines open
Langshot Equestrian centre, a family run business, has been in the Chivers family for 30 years. The recession had a significant impact on the business, with costs for essential items such as hay, food and petrol, rocketing due to inflation.
Lee Chivers, owner of Langshot, quickly identified their need for support, contacting his business manager at Barclays for advice on securing a loan and expanding the business:
"Barclays was crucial to us. They did an evaluation on the asset here (and) we need the money to extend and improve. They've checked all our accounts; our sales turnover… They've given us a few ideas on how we can manage things better," Said Lee.
Lee's original loan application was rejected due to poor management information and the case was referred to Barclays Business Support. At this point, Philip Bailey became involved working with Lee and his local business manager, to investigate why the application was turned down and trying to identify ways to improve Lee's business case:
"We supplied an interim manager to come in and provide them with book-keeping help and other practical advice… this made their lives much easier as they were able to supply the right information to the bank… we could then lend the money correctly," said Philip.
Back in the saddle: A helping hand from Barclays Business agreed to lend £170,000 to the centre, allowing the business to invest in improving their facilities, including seating, toilets and a clubhouse for local competitions and equestrian events.
Beyond the monetary investment, Langshot Equestrian Centre also received critical business advice from Philip, helping to plan how the business could grow and thrive in to the future.
Ultimately, Barclays lending has helped this customer regain control of their business. By updating their facilities, improving their future business plan and by instilling the confidence for this customer to buck the trend and better perform in a competitive market, we can be confident that we are backing a winner.