CHAUCER BARN: ENABLING FINANCIAL RESISTANCE
David Hughes, ARC’s finance specialist offered his expert advice and support to ensure award-winning Norfolk wedding and events venue Chaucer Barn continues to weave its charm long into the future; riding out the Covid-19 storm.
Covid-19 has disrupted organisations of all shapes and sizes, but the hospitality trade has been particularly hit. The wedding and events industry have had to cancel hundreds of celebrations in 2020. Chaucer Barn, one of Norfolk’s most stunning private retreats for weddings, sought funding support to ensure their magnificent barn conversion and suite of eco-lodges, could be maintained.
ARC member and independent consultant, David Hughes, who has extensive experience in the Agri-banking industry, focussed his expertise on securing finance for Chaucer Barn, which required funding to cover venue outgoings.
Working closely with the client, David made an application for The Business Interruption Loan. This scheme provides financial support to small and medium sized businesses across the UK who are losing revenue and have a disrupted cashflow as a result of the pandemic. David produced information required for the application including:
- Business accounts
- A clear rationale for the loan
- A compelling report
Finally, David presented all the information to a finance lender accredited to the scheme.
- The application was approved
- The costs of insurance, power and essential repairs will be covered by the loan, until the venue re-opens
- The loan has been provided over a five-year term
Chaucer Barn, with David’s expertise, has secured a strong and stable future; despite the crippling effects of Covid-19.
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