A Glasgow franchise hospitality business is optimistic about the future after it secured a £600,000 finance facility from HSBC UK to help mitigate the impacts of the coronavirus lockdown
Costa Coffee franchise business, Coffeepots, secured the funding from HSBC UK through the government-backed Coronavirus Business Interruption Loan Scheme (CBILS) and has supported the business with cashflow to help stabilise its operations after lockdown forced its 13 cafés across Scotland’s central belt to close for four months.
The business is now in a position to continue its existing plans to build and fit-out what is set to be Cumbernauld’s first drive-through coffee shop. The new outlet is expected to open in early 2021 and will create 25 new jobs in the community.
Pat Dunese, co-Director at Coffeepots, said: “Our plans for growth were put on hold when COVID-19 hit as our income suddenly ground to a halt, but the support from HSBC UK has provided us with much-needed cashflow during this time, helping us continue paying our overheads and progressing plans to open new sites in Scotland.”
Grant Bett, relationship director at HSBC UK, said: “The hospitality industry was hit hard during lockdown and we’re pleased to have been able to help Coffeepots look to the future again as it re-embarks on its plans for growth. We’re committed to supporting UK businesses during this period of uncertainty.”
Business partners Pat Dunese and Colin Wilson, who each own 50 per cent of Coffeepots, are now eyeing further expansion and have plans underway to open a second drive-through Costa Coffee in Peterhead in late Spring 2021. This second store opening would create a further 25 jobs.
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.