A specialist automotive business is moving to new premises in Coventry this year after receiving financial support during Covid-19.
Finish Line Performance Paintwork currently leases a unit in Kingfield Road, Foleshill, for its car and motorcycle body work repair and paint work.
But, during lockdown, owner Paul Sheehan was told that the lease on his current building would not be renewed.
Now the firm is preparing to move to a new unit in Birmingham Road, Allesley, in December, after receiving £51,000 through the Government’s Coronavirus Business Interruption Loan Scheme (CBILS).
Paul Sheehan: “When Covid hit, businesses and motorists were no longer able to bring in their cars for repair since it wasn’t classed as an essential journey so receiving the CBILS loan as well as the business rates holiday meant I was able to keep the business going.
“When I then found out we needed to find new premises, I thought it was the killer blow, but I have agreed a lease on a new unit which will reduce my overheads considerably and has already provided me with a long-term contract to paint Triumph and Velocette motorcycle parts that they export all over the world.”
The money will also be used to invest in new equipment to help the company reduce its carbon footprint and create new jobs in the future.
The Coventry and Warwickshire Local Enterprise Partnership (LEP) Growth Hub and the Coventry and Warwickshire Reinvestment Trust (CWRT) helped Paul to secure the funds through CBILS.
Justine Chadwick, account manager at the CWLEP Growth Hub, said: “Covid-19 led to a drastic fall in turnover at Finish Line Performance Paintwork but, like many SME owners, Paul worked really hard to find alternative sources of funding.
“The Growth Hub has been providing updated information on the various loans and grants the Government has introduced during this tough time to Coventry and Warwickshire businesses of all sizes and in all sectors.
“It is great that with the CBILS keeping the business going, that the work load of the firm has now almost returned to normal and that they are looking forward to moving to new premises which will take the business to the next level.”
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Leah Blocksidge, head of programmes at CWRT, added: “Paul is a very dedicated business owner, and this is shown through his tenacious drive through the pandemic. We had many conversations to help us understand the position of the company and how to put together a plan to assist the company in moving forward and overcome any issues.
“It is with great pleasure that CWRT has been able to assist Finish Line Performance Paintwork with a CBILS loan, along with many other Coventry and Warwickshire businesses, to enable them to grow and seek new business opportunities during the pandemic.
“We are really looking forward to seeing how Paul and his team develops over the coming months.”