Case Study: Accessing the CBILS scheme through FSB Funding Platform

Blogs 13 Jan 2021

Phil McDaniel owner, Entertainment Sound Specialists (ESS) tells us how he came to use the services of the FSB Funding Platform.

Formed in 1988 ESS pride themselves on being one of the UK’s premier suppliers of audio equipment, crew, backline and production management services.

When the first lockdown occured in March 2020 ESS used FSB funding platform to apply for the Coronavirus Business Interruption Loan Scheme (CBILS)

On 23 March 2020 all of our tour trucks came home abruptly, and we have not done a single show since. 

What was the business challenge you faced?

On 23 March 2020 all of our tour trucks came home abruptly, and we have not done a single show since.

In the six months since March, we have restructured existing lending to the cheaper and more flexible CBILS vehicle, which defers the re-start of repayments and is much affordable then the previous facility, benefitting immediate cash flow and reducing future interest payments.

What impact do you expect from the funding?

Be available to launch a new product that will take my company to the next level. We are beginning to realise that we might be in a good position to enter into new client sectors with a new Handwash Hygiene product.

With 60% of the hire fleet deployed, we are covering our reduced normal business overheads, meaning that our event hire stock can wait safely for when theatres and festivals can do business again. If we achieve this 60% rental level, then we would look at add additional hygiene products to hire stock, and continue to develop this alternate, non live-event income stream.

Why did you choose the FSB Funding Platform?

As FSB member we had always intended to look to use the FSB Funding Platform for our next equipment investment cycle. It just so happens COVID19 restructuring has come up first.

We had the age-old problem of firefighting due to high work levels getting in the way of adapting or researching a better way forwards. Hence the attraction of the Funding Platform when we saw it advertised to us via FSB update emails and webinars.

Download the full case study for more information, you can also visit the FSB Funding Platform website for advice and guidance on accessing funding for your business. 


 

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