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Wesholme School

Blackburn firm secures seven figure loan to get through coronavirus

Chris Cooke, Director of Prefix Systems

Blackburn-based Prefix Systems (UK) Ltd has secured a seven-figure sum via a Government-backed coronavirus loan scheme, which will ensure it can get through what is a difficult time for the whole industry.

Manufacturing across four sites since 1996, Prefix Systems has grown to become one of the UK’s leading roof system manufacturers, producing a wide range of off-site constructed home extension and glazing solutions.

However, with the effective shut down of the industry, many of its clients have not been able to continue with planned projects, presenting significant cash flow challenges on the business until normal trading resumes.

Bosses say the Coronavirus Business Interruption Loan Scheme (CBILS) will help the business with the cash flow it needs to see them through this disruptive period.

Chris Cooke, director of Prefix Systems, said: “Due to the restrictions imposed because of Covid 19, we had to suspend trading as the health and safety of our employees is our number one priority. Our contingency plans factored into account the immediate furloughing of a small group of staff, although strong continuous employment still remains vital to handle existing orders and new orders still coming in.

“The second part of our plan involved applying for a CBILS loan with Barclays, again guaranteeing liquidity and maintain a platform to ensure the business can prepare with confidence for a return to trading, whatever that looks like. It also means maintaining payments to our 200 plus suppliers keeping the supply chain moving which is crucial, and retaining our highly skilled workforce of over 120 people."

Shakira Musarat, Barclays relationship director, said: “Chris and the team have put in a huge amount of work to build Prefix Systems into a strong and well respected business, so when coronavirus impacted them, we moved quickly to discuss how Barclays could help. As a bank, we provided the necessary information so the company could make the right decisions in a difficult situation. The CBILS loan will give the company enough fuel to get through in this uncertain time and be ready to bounce back quickly when demand returns.”