Norman Jamieson Ltd secures six-figure CBILS loan from Bank of Scotland
Dundee-based lorry hire firm Norman Jamieson Ltd has secured a six-figure loan from Bank of Scotland to help buffer against a decrease in demand amid the construction industry shutdown.
Norman Jamieson Ltd, which marks 50 years of business in May, had a full order book for its 20-strong fleet ahead of the COVID-19 crisis. But bookings fell flat within a week of first minister Nicola Surgeon, urging building sites to close on 23rd March to help curb the outbreak.
The company’s fleet is typically hired to remove demolition waste, transport materials from local quarries, and to move around construction equipment.
The funding, part of the Coronavirus Business Interruption Loan Scheme (CBILs), will support the firm’s cashflow until lockdown measures ease, allowing the company to serve its construction customers as they get back up and running.
The business planned to mark its anniversary by making its largest investment to date in a new crane-fitted lorry. Its brother-sister directors, Lynne Douglas and Stuart Jamieson, hope to follow through with the order once demand returns to normal.
Ms Douglas said: “A good pipeline of activity across the region was supplying us with a steady stream of business before the lockdown hit. These projects haven’t gone anywhere, and we’re hopeful that we can pick up where we left off once the time is right to get back up to speed.
“But a serious cashflow problem threatened our business in the meantime, with orders drying up completely. We’re relieved that our longstanding banking partner, Bank of Scotland, could swiftly step in and provide us with the lifeline we needed.”
Brian Kerr, relationship manager at Bank of Scotland, added: “Companies that rely on the construction industry are among some of the worst-hit by this crisis. Demand has shored up with few opportunities in the sector to diversify and bring in new revenue.
“The finance provided to Norman Jamieson will not only help it to weather these current challenges, but to ultimately look ahead to decades longer in business.”
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