Manchester-based scrapyard Automet Limited has secured a £600,000 Coronavirus Business Interruption Loan Scheme (CBILS) facility to support its cashflow during the crisis.
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Smelters at Automet. Firm is to benefit from a Business Interruption loan[/caption]
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Located on a two-acre site in Trafford Park, Automet is a metal-processing scrapyard and aluminium smelter, serving customers in the UK and Europe. Almost half the business’s sales are generated through international sales.
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At the outbreak of Coronavirus, the business saw a decline in activity, and had to place some staff on furlough however the firm now anticipates recovery.. The loan will enable the business to purchase large volumes of scrap aluminium car engines and ensure it is in a position to grow once restrictions are lifted.
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Paul Humphries, a Director at Automet Limited, said: “The service we received from Santander was quick and extremely efficient and I would like to thank Luke for his support in assisting us with the application.”
Luke Rowbotham, Relationship Director, Santander UK, said: “While the impact of Covid-19 has had a detrimental impact on businesses across the UK, this funding package will ensure that Automet is prepared to quickly resume business as restrictions are eased – and we are delighted to support them.”
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