London Drum Company, one of the UK’s most diverse suppliers of drum and percussion instruments, has secured its survival throughout the coronavirus crisis after receiving a five-figure Coronavirus Business Interruption Loan Scheme (CBILS) loan from HSBC UK.
The company, which has supplied drum equipment and technician services to musicians associated with some of the biggest names in the music business such as Red Hot Chili Peppers, Adele and The Script, saw a 90% loss in its income streams after gigs and concerts across the world were cancelled or postponed in light of COVID-19. The CBILS loan will replace this lost income and ensure the business can continue to trade throughout the coronavirus pandemic.
A small part of the loan will also be allocated to purchasing new machinery to develop services at the company’s workshop, an area of the business that owner and founder Simon Jayes can continue to grow even whilst the crisis is ongoing. London Drum Company is now focusing on developing and protecting its servicing, custom shop and repair services, ensuring the business is in a strong position to support the UK’s music industry when the government restrictions are lifted.
Simon Jayes, Founder and Owner of London Drum Company, commented:
“Given the nature of work that I undertake, it’s impossible to continue usual trading throughout the coronavirus crisis. Put simply, the CBILS loan from HSBC UK has saved London Drum Company. It means I can keep the company afloat both during and after the crisis and protect the business I have been successfully growing for 16 years. I’m so thankful for the team at HSBC UK and to the government for implementing this scheme, which has been crucial to the survival of so many businesses.”
