A family-owned plumbing merchant has been given a £1.5m lifeline from Ulster Bank which will help support its 60 staff province-wide during lockdown.
Stevenson and Reid secured the Coronavirus Business Interruption Loan Scheme (CBILS) with Ulster Bank, in a move that its says will help provide it with essential cashflow and help secure jobs while many of its construction sector clients are not operating.
Founded in 1980, Stevenson and Reid has expanded to become one of the largest independent plumbing merchants in Northern Ireland with branches in Newtownabbey, Belfast, Newry, Bangor, Ballymena, Ballymoney, Omagh, Cookstown and Londonderry.
Its outlets stock a wide range of plumbing, heating, bathroom and tiling equipment which the company supplies to trade customers as well as to the public.
Billy Stevenson, the company's owner, said: "We have been in business for over 40 years and this is the most challenging period we have experienced. The team at Ulster Bank have worked with us for decades, supporting our growth over the years, and they have been fantastic in helping us at the present time as well.
"Ulster Bank worked very quickly to enable us to avail of the loan which will provide the cashflow to take us through this crisis and safeguard our business for the future as we look towards the next 40 years."
Girvan Gault, director of commercial banking, Ulster Bank, said: "We are pleased to be able to support the company at this time. It is one of a wide range of local businesses that we are helping through the CBILS and Bounce Back Loan Schemes."