An aviation cleaning specialist has secured a £500,000 loan from HSBC UK through the Coronavirus Business Interruption Loan Scheme (CBILS) to support its businesses as it responds to the imminent increase in flight volumes.
Up & Away Aviation Services, based at Farnborough, which provides interior and exterior cleaning and ground services to the UK’s commercial aircraft industry, was heavily impacted by restrictions on air travel and quarantine rules during COVID-19. With the HSBC UK loan, the company is now in a financial position to respond to the growing demand from the sector as limitations are lifted.
The funding has helped support the company’s cashflow and enabled the team to invest in delivering new disinfection and fumigation services for aircraft which will help reduce the spread of COVID-19. Up & Away was able to quickly adapt its offering to the changing industry climate and is now assisting more and more clients as the number of flights continue to rise and adding more clients to its portfolio.
Stefan Murphy, managing director of Up & Away, said: “The aviation sector was massively impacted by COVID-19 which created huge uncertainty for us. We needed the financial support to enable us to adapt to the situation and be ready for business as soon as flight restrictions were lifted. The loan from HSBC UK has allowed us to be flexible in these challenging times, helping us to respond to the changing restrictions placed on the industry as well as growing our services to best serve our clients.”
Ian Nash, head of business banking in Thames Valley, HSBC UK, added: “Like many businesses, Up & Away’s future was at risk overnight due to the pandemic. As a long-serving customer, it was important to provide the team with funding that would support them through a period of lost revenue, as well as enabling the business to be prepared for when the sector got back on its feet. As air traffic continues to increase, we’re certain that the team’s adaptability and new services will put them in good stead for the coming months.”