Stockport publishing group secures CBILS funding

Stockport based magazine group, Practical Publishing International has secured £500,000 funding from the government’s Coronavirus Business Interruption Loans Scheme (CBILS).

The finance facility has been provided by Santander and will allow the publishing group which was established in Stockport in 2001 to meet cashflow demands on the business. The CBILS funding will also allow the business to continue ordering stock from Asia, which can have lead times of up to 6 months.

Practical Publishing International specialises in magazines and digital content focused on hobbies and crafts, distributing over 3 million magazines annually through retail outlets, primarily in the UK and USA.

While the publishing group has had to furlough some of its 100-strong Stockport workforce, it has continued to produce content to grow sales as pandemic restrictions ease.

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.”

Luke Rowbotham, business relationship director at Santander UK, added:

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.”