A popular South Wales school uniform supplier has reported a successful trading period this year, despite the uncertainty of school closures during the pandemic, thanks to a seven-figure funding package from HSBC UK.
YC Sports, which supplies school uniforms to 40,000 school children across South Wales, used the HSBC UK funding to purchase stock to ensure there were enough uniforms for the 90 schools it supports.
The seasonal business also used the funding to guarantee its three stores in Cathays, Canton and Whitchurch were fully equipped and ready to adhere to social distancing measures. YC Sports was also able to deliver online orders free of charge using its convoy of electric vehicles thanks to the finance which was secured as part of the Government-backed Coronavirus Business Interruption Loan Scheme (CBILS).
Wai Lim, Director at YC Sports Supplies, said: “School children are constantly growing out of their uniforms so we needed to ensure we had enough stock before children across South Wales went back to school. Our busiest months are July, August and September, so we are very grateful for the support of our Relationship Manager at HSBC UK, Donagh Kenny as the funding she facilitated supported our re-opening.”
Phil Sargeant, HSBC UK’s Area Director for South Wales, at HSBC UK, added: “It has been a pleasure to support a local business that so many families in South Wales rely on. YC Sports is a business that needs a strong supply of stock around September so this funding has been vital in helping the business meet the needs of pupils across the region in such an uncertain time.”
YC Sports was founded by YC Lim in 1983 and now operates three stores across South Wales. Since the easing of lockdown restrictions, the business has begun re-opening its stores but has proven it can easily adapt to change in measures with its online delivery service.
HSBC UK is working closely with the Government and UK Finance to identify emerging issues and make sure customers and businesses have the advice and support they need. For tips and advice for businesses around planning for any possible disruption, visit www.business.hsbc.com/novel-coronavirus.
HSBC UK has already announced the following measures for its business customers:
- Launched BBLS, CBILS, CLBILS and CCFF
- Allocated £5bn to help businesses that need support
- Removed the £100 Small Business Loan fee to relieve the pressure faced by SMEs across the country
- Removed informal overdraft fees – As of 1st April we no longer apply any Informal Overdraft fees
- Offering repayment holidays to free up cash within businesses
- Stopped all unauthorised overdraft charges
- Reviewing overdrafts or trade loans to allow stock to be held for longer
- Offering companies involved in the supply and manufacture of ventilators preferential pricing, extended repayment terms on loans and fast track approval times to support the unprecedented demand on UK hospitals.
- We have also extended that support to customers that can give immediate help to essential public services and vulnerable people. We are contacting clients involved in the manufacture and supply of Personal Protective Equipment to offer preferential finance and, where possible, the direct purchase of supplies and equipment for essential public services.
- We will also offer similar terms to clients involved in the wholesale of food.
- Our relationship managers have been proactively contacting customers to see what help their businesses need.
- We’ve launched a coronavirus helpline to support any customer queries and a dedicated coronavirus hub on our website.
- For businesses trading internationally:
- £3bn to importers and exporters that need additional support
- pre-approved 60-day extensions on trade loans for customers with a sound trade loan/financing record
- a one-hour turnaround on the issuance of Shipping Guarantees, enabling customers to transfer or receive goods from their counterparty faster
- a dedicated helpline that connects directly with trade finance specialists (0800 783 1300, open 9am – 5pm Monday to Friday), in addition to the support being offered by relationship managers