We were delighted to help Paxport Group UK Limited to successfully access 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 affected with revenues declining when its customers (travel resellers) were similarly affected.
Paxport sought our support to apply to the Coronavirus Business Interruption Scheme (CBILS). Barclays subsequently approved a 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.