FAMILY-owned plumbing merchant Stevenson & Reid has secured £1.5 million from Ulster Bank through the Coronavirus Business Interruption Loan Scheme (CBILS).
The company, which employs 60 staff at branches in Newtownabbey, Belfast, Newry, Bangor, Ballymena, Ballymoney, Omagh, Cookstown and Derry, says the funding will provide it with essential cash flow and help secure jobs while many of its construction sector clients are not operating.
Owner Billy Stevenson, who founded the company in 1980, says: “This is the most challenging period we've experienced, but Ulster Bank worked quickly to enable us to avail of the loan which will provide the cash to take us through this crisis and safeguard our business for the future.”
Ulster Bank's commercial banking director Girvan Gault added: “Stevenson & Reid is a long-standing customer and we are pleased to be able to support it at this time.
“It is one of a wide range of businesses we are helping through the CBILS and Bounce Back Loan Schemes, and to date we have approved more than 95 per cent of requests from business customers for support.”
