DMN Logistics re-starts vehicle delivery operations after Lloyds loan
Vehicle movement specialist DMN Logistics has been given the green light to restart its operations following the coronavirus outbreak, with the support of a £550,000 Coronavirus Business Interruption Loan (CBIL).
The firm, headquartered in The Custard Factory, Digbeth, Birmingham, transports commercial vehicles around the country for customers such as BT and e.on.
Demand for the firm's services – and therefore its income – came to a stop as more businesses were forced to reduce their operations and take more vehicles off the road.
As a result, it furloughed all 81 employees, and had to reduce the work outsourced to more than 100 self-employed workers.
The CBIL from Lloyds Bank ensured that the business could continue paying all of its outgoings, such as rent payments, throughout the outbreak.
It left DMN Logistics in a strong position to restart its operations again as lockdown restrictions began to ease and demand for its services began to return.
The business is now running at almost 50% capacity and anticipates returning to its previous levels of business during 2021.
DMN Logistics MD Nick Chadaway says: "As businesses across the region were forced to close their doors and more people started working from home, there were fewer vehicles on the road, which had a significant knock-on effect for us.
"The Lloyds Bank team took the time to explain all the different options available to us and identify the best solution to support us through this difficult period, meaning we could quickly get back out on the road as soon as we were able. We're looking forward to working with them as demand for our services continues to pick up."
Lloyds Bank Relationship Manager Jason Nash says: "Like a number of businesses here in the Midlands, DMN Logistics was significantly affected by the coronavirus outbreak.
"They offer a vital but often unrecognised service to help a number of high-profile clients keep their businesses moving, so it was important for them to be ready to get up and running as quickly as possible.
"It's hard to know exactly what's around the corner, but we will remain by the side of DMN Logistics over the coming months to ensure that they're well-prepared to overcome any challenges and continue on the road to recovery."