CBILS payout instrumental in keeping Wallace Print open

Wallace Print has secured £250,000 of funding from Barclays through the Government-backed Coronavirus Business Interruption Loan Scheme (CBILS), which MD Gary Wallace said has been crucial to the Rochester firm’s continued operation.

“The funds that we received were absolutely crucial for us to remain operational during this difficult time, and to stay on track financially,” said Wallace. “We were probably one of the first businesses to apply to the CBILS scheme. Thanks to the swift communication we have with Toni Burton - our relationship director at Barclays - and to her in-depth knowledge of our business, we secured funding in good time. Before the pandemic, we recorded the strongest quarter we have had on record. But in March things changed dramatically and we experienced around 70% loss in revenue. During the last few weeks, we have had several new client wins, which would not have been possible without the CBIL and Barclays’ help.”