Northern Ireland luxury jeweller Lunn’s has taken out a “substantial” loan from Danske Bank to help get through challenging times.
The jewellery retailer has taken advantage of the government’s coronavirus business interruption loan scheme (CBILS), which provides financial support to smaller businesses across the UK that are losing revenue, and seeing their cashflow disrupted, as a result of the COVID-19 outbreak.
To qualify, a business must be based in the UK, with a turnover of no more than £45 million per annum, with more than 50% generated from trading activity.
Lunn’s has been in business for 60 years and is one of Northern Ireland’s most famous retailers, with shops in Belfast’s Queen’s Arcade and Victoria Square and at Shipquay Street in Derry.
Business, however, like many in the trade has come to a standstill since the prime minister forced all non-essential retail outlets to close two weeks again.
Talking to the Belfast Telegraph, Lunn’s managing director, John Lunn, says: “Lunn’s has a proud history of delivering consistent cash flow, but we realised very quickly that we were facing a prolonged period of closure because of coronavirus. It is a situation that I know many other successful businesses now find themselves in.
“I commend Danske Bank for their ability to deliver this loan to us so smoothly and efficiently in a short timeframe. It will make a significant difference as we look to the future.”
The amount of the loan taken by Lunn’s has not been disclosed but Dankse Bank told the Belefast Telegraph that the loan was “substantial… to bridge the period while its shops are closed and customers are restricted in terms of leaving their homes”.
The bank’s managing director, Shaun McAnee, reports: “We’re pleased to be able to support Lunn’s through the CBILS scheme and to ensure that one of Northern Ireland’s best-known family businesses is ready to return to normal trading when this unprecedented coronavirus crisis ends.”