Oliver Bonas, the popular fashion and lifestyle retailer, has recently received a crucial lifeline loan to navigate through the ongoing crisis period. In an effort to secure financial stability, the company has successfully obtained an additional £3.5 million in funding from HSBC, with the loan guaranteed by the government’s Coronavirus Business Interruption Loan Scheme (CBILS).
Over the past few years, Oliver Bonas has experienced significant growth, expanding its presence by opening several new stores across the UK in 2019. The brand’s outlets found homes in locations such as Westquay, Liverpool One, and Gatwick Airport. However, due to the lockdown measures imposed as a result of the pandemic, all of its physical stores had to be temporarily closed. To support its employees during this challenging period, Oliver Bonas made use of furlough schemes available in both Britain and Ireland.
With physical stores temporarily out of commission, Oliver Bonas has relied heavily on its online sales to generate revenue. However, as the physical stores contribute significantly to its overall sales, the company’s earnings have undoubtedly been impacted. Though exact figures have not been disclosed, it is anticipated that the impact on sales has been substantial. Despite these circumstances, the company swiftly adapted and harnessed the potential of its online presence.
Currently, approximately half of Oliver Bonas’ 80 stores have reopened following the easing of restrictions. The additional funding obtained by the company will prove crucial in managing the ever-changing retail landscape and adapting to the increased importance of online sales.
Overall, Oliver Bonas remains optimistic about the future. With the support of HSBC and the government’s CBILS, the company aims to successfully navigate through the crisis period, emerging stronger on the other side. The ability of Oliver Bonas to quickly adapt and continue its online operations showcases its resilience and determination to overcome the challenges presented by the pandemic.
Recognizing the importance of agility in the ever-evolving retail industry, Oliver Bonas understands the significance of embracing the digital realm. Enhancing its online presence and ensuring a seamless shopping experience for customers will prove crucial in the coming months. With the continued support of its loyal customer base, Oliver Bonas remains committed to providing high-quality fashion and lifestyle products as it navigates the ever-changing landscape of the retail industry.
1. Oliver Bonas Official Website
2. Coronavirus Business Interruption Loan Scheme (CBILS)