International Craft Media Group secures funding
Practical Publishing International, a privately owned media group with specialist craft magazines published in markets around the world, has secured £500k funding through Santander UK and the Coronavirus Business Interruption Loan Scheme (CBILS).
Founded in 2001, the company specialises in magazines, websites and products for consumers passionate about their hobbies. It distributes over three million magazines and books a year, predominately through retail outlets in the UK and USA and employs around 100 people.
The finance facility means the business will be able to meet immediate cashflow demands and continue ordering stock from Asia – which usually has a lead time of six months. While some colleagues have been furloughed under the government initiative, Practical Publishing continues to employ staff to update websites and generate new content to grow sales when the pandemic passes.
Chris Dunbar, finance director, Practical Publishing International, said: “Our business was hit quickly by the Covid-19 pandemic due to our presence in retail outlets in the UK and USA. The funding helps us bridge this gap and allows us to focus our business on emerging from the crisis stronger than before. I found the process fast and efficient and streamlined compared to a normal funding application process. Communication was great all the way through and Luke was supportive and understanding in his approach, consultative as to how funding could be structured, and we were kept updated at all points.”
Luke Rowbotham, business relationship director, Santander UK, said: “The impact of coronavirus has been felt by businesses across the UK – and in particular, those with customers and suppliers in international markets. Practical Publishing has built a strong business proposition and we were happy to help the team during this difficult time.”