Schuh secures £19m funding from Lloyds
Shoe retailer Schuh has secured a £19 million finance facility with Bank of Scotland owner Lloyds Banking Group.
The funding has been secured through the Treasury’s coronavirus large business interruption loan scheme (CLBILS).
The bank said that while Schuh continues to generate revenue through ‘robust’ online sales, the retailer’s in-store sales are expected to drop well below forecasts for the 2020/21 financial year despite a bounce back in trading when the first coronavirus lockdown restrictions were eased, The Herald reports.
Colin Temple, managing director of Schuh, said: “Our business model has stood us in good stead to continue to meet customer demand throughotu 2020.
“However, we are not immune to the costs that have been felt throughout the high street. As the all-important golden quarter of trading continues to play out with different tier systems to manage throughout our store estate, it’s only right that we continue to take steps to ensure we’re in the best shape to overcome further disruption in 2021.”