Pub owner optimistic about future after financial help

Despite admitting it has been the most difficult period he has faced as a business owner, John King of the Bull’s Head Inn, said the financial support he has received means he can look forward with optimism.

Like all pubs, the pub in Chelmarsh was told to close its doors to customers during the first lockdown. However, it was able to switch to offering takeaway food during the first shutdown, thanks to a loan from Lloyds Bank Commercial Banking as part of the Coronavirus Business Interruption Loan Scheme.

The move provided a source of income for the business, securing jobs for all 15 staff members and helping the business to stay connected to the rural community in sits in. An overdraft extension and loan repayment holiday from Lloyds Bank also helped to provide financial stability during a turbulent time for the hospitality industry.

The business was referenced in Chancellor Rishi Sunak’s key note speech at the Conservative Party Conference as one of the businesses that had benefitted from the measures available to support businesses.

Although demand returned over the summer as restrictions eased, the lockdown in November posed further challenges and even when pubs were able to reopen in December, revenue remained at just 50 per cent of usual turnover.

The Bull’s Head received an additional Bounce Back Loan package to navigate this difficult period, which is now enabling the firm to look ahead to the reopening of hospitality with confidence.

It has used the current enforced closure to renovate its accommodation and kitchen area, and is now investing in its outdoor area to ensure it is ready to welcome customers when pubs can serve drinks outdoors from April 12.

Mr King said: “There’s no doubt this has been the most difficult period I’ve faced as a business owner, but we’re proud of the fact we’ve been able to come through this and retain all of our staff.

“After the first lockdown we thought we’d seen the end of restrictions, but the lockdowns this winter have been difficult for all businesses, especially the hospitality sector. The effects of this will continue for a while but the support we’ve received from the team at Lloyds Bank has left us in a position where we can look ahead with optimism.”