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The Client
Hawk Express is the largest private car hire company in Ipswich. It operates over 200 vehicles across the region. They also specialise in airport transfers to Stansted and Heathrow.
The Challenge
The coronavirus pandemic severely affected Hawk Express, who saw their their revenues drop by 80% at the start of the pandemic as only passengers they carried were NHS workers getting to and from work and those that did not or were unable to drive, generally the elderly.
The directors of Hawk Express needed business advice and support to ensure that they received a government Coronavirus Business Loan (CBILS), enabling them to meet their ongoing business costs, and also guidance with the Coronavirus Job Retention Scheme (CJRS) to help them claim for furloughed workers.
How we were able to help
- Advising the directors of Hawk Express on the process of securing a CBILS
- Liaising with their bank manager (NatWest) about what was needed to ensure the application process was as fast as possible
- Presenting the bank with three cashflow forecast scenarios so that they could make an informed decision about the level of funding that was required. The three scenarios were on a best, worst and more realistic basis of when their normal levels of trading were to resume. These dates were from 1 June, 1 August and 1 October.
- Working outside normal office hours in order to make certain that the loan came through as quickly as possible
- Guiding Hawk Express through the CJRS to enable them to claim for furloughed workers
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