Christ Yoder
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PEMBROKESHIRE hotel business breathes a little easier after securing £ 600,000 bank to lend to help him get through the coronavirus crisis.
The Seren Collection includes the five-star Grove of Narberth, the Coast Restaurant and Kiosk Café in Saunderfoot, as well as the Michelin-starred Beach House Restaurant on the Gower.
He received the loan from Barclays through the government-backed emergency loan program CBILS.
Neil Kedward, Managing Director of the Seren Collection, said: “The coronavirus struck just as we were entering our busy season and suddenly all of our hard-earned term bookings were gone.
“The bank loan has helped us repay every penny of deposits received to our clients in the spring and early summer, as well as pay our staff, our creditors and prepare for the opening.
“I think it’s important, during this difficult time, to make sure that we meet all of our commitments to the staff and our fabulous suppliers.
“In addition to respecting our payment terms, this means that we are all collectively in the best position when it comes to restarting our business after the crisis.”
He thanked the Seren Collection relationship manager at Barclays, Greer Hooper, for her “understanding and sincere interest in the business”.
Mr Kedward added: “It made all the difference when we needed this urgent support. If you don’t have a bank manager who comes close to what you do, your chances of getting things done quickly. are compromised.
“The government-backed CBILS loan, as well as an extended overdraft, were all accepted very quickly.
“Together, they have played a vital role in helping us through this period which, like most businesses, has strained our cash flow.
“So far not a single person on our team has been fired.
“The impact of this pandemic will be felt for years to our business as the debt has to be paid off, but hopefully when this is over people will know how to support UK businesses as a whole, and hopefully our wonderful hotel and restaurants to help everyone get back on their feet.
Ms Hooper praised Mr Kedward and his team for making The Grove an “extraordinary business out of what was abandoned property just 13 years ago”.
She added, “Their growing success is reflected in their popularity and positive reviews.
“The new facility will secure more than 80 jobs within the local community and provide vital cash for the business. ”
