Jobs safe at Derbyshire electronics firm thanks to loan

Tioga has secured a seven-figure facility from HSBC UK to help protect the future of its highly-skilled local workforce, maintain supplier payments and cover base overheads.

One of the UK’s leading privately-owned contract electronics manufacturers, Tioga was forced to close its factory doors and stop manufacturing due to the coronavirus pandemic.

The funding from HSBC UK will support the company and its colleagues during these uncertain times, as well ensuring it has a healthy supply of raw materials so can distribute products to customers quickly once it reopens for business.

Dean Hallam, group chief financial officer at Tioga, said: “Like so many other businesses, we had to temporarily bring manufacturing to a halt a few weeks ago.

“Our relationship director at HSBC UK, Tom Baker, moved quickly to arrange the loan for us so we could protect our employees, pay our valued suppliers and cover our overheads.

“We were relieved to be one of the first businesses in the East Midlands to secure CBILS funding and were delighted to be asked to join a call with the cabinet office to discuss our experience.”

Liz Fuge, HSBC UK area director East Midlands corporate banking, added: “HSBC UK is committed to supporting its customers during this period of uncertainty.

“We were delighted to be one of the first lenders to offer support in the East Midlands region and to Tioga, which will enable the business to quickly kickstart operations when appropriate.”

HSBC UK is working closely with the government and UK Finance to identify emerging issues and make sure customers and businesses have the advice and support they need.

For tips and advice for businesses around planning for any possible disruption, visit www.business.hsbc.com/novel-coronavirus.