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Business & Economy

North East footwear retailer set to re-open stores after securing CBILS loan

Branded footwear retailer, Charles Clinkard, it set to reopen all of its stores from this week, after securing support from Lloyds Bank.

The Middlesbrough-headquartered retailer has more than 30 stores and concessions across the UK.

It has secured a £2 million Coronavirus Business Interruption Loan (CBILS) through banking partner Lloyds Bank as well as a significant extension to its current overdraft facility.

This will enable Charles Clinkard to get back up to speed as non-essential retailers begin to reopen their stores from today (June 15).

Plans are in place for Charles Clinkard to re-open stores with a reduced workforce and social distancing measures, in addition to optional booked appointments, to enable customers to return with confidence.

The funding will continue to support the retailer’s overheads, including investment in its £10million summer range.

Owner and managing director, Charles Clinkard, said: “The last few months have been a challenging period for non-essential retailers.

“We’ve been fortunate to maintain around 30 per cent of our usual revenue through online sales and to have the support of many of our suppliers and independent landlords during the lockdown period.

“However, the arrival of the pandemic has placed a significant strain on our planning for the spring and summer seasons.

“Lloyds Bank stepped in swiftly and has put us in a position where we can bring our stores out of hibernation at pace while beginning to bring our team back from furlough.”

Hannah Douglass, relationship director at Lloyds Bank, added: “The retail sector is among those hit hardest by the economic effects of Covid-19 and will continue to face working capital challenges as it gets back up to speed.

“Charles Clinkard is a great example of the ambition within the sector to return to trading and we look forward to helping them meet the needs of consumers as the economy inevitably evolves over the next 12 months.”