We were delighted to help Paxport Group UK Limited to successfully access £700k of emergency funding through the Coronavirus Business Interruption Loan Scheme (CBILS).
Paxport is a leading provider of payment solutions, ancillary merchandising software, and content aggregation solutions to the travel industry. Founded in 1994, the company’s parent is headquartered in Stockholm, Sweden with the UK business located in Bristol.
The company serves over 80 airlines and 250 resellers including tour operators, travel agents, and online travel operators. Some of its key clients include James Villas, TUI UK, On The Beach and Love Holidays.
As a result of COVID-19, and given its sector, Paxport was directly affected early to mid-March 2020 with revenues sharply declining and its customers (travel resellers) being similarly affected.
Paxport sought our support to apply to the Coronavirus Business Interruption Scheme (CBILS) for emergency funding. Barclays subsequently approved a £700k loan allowing Paxport to safeguard jobs, ensure furloughed colleagues could return at the earliest possible opportunity and to buffer the business against the fall in revenues which are widely expected to return in the short to medium term.