When a travel business saw declining revenues due to COVID-19, its owners asked us to secure a loan to safeguard jobs.
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.
Paxport 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 and sought funding through the Coronavirus Business Interruption Loan Scheme (CBILS).
We engaged with Paxport to understand nature of the business interruption and actions they had taken. We condensed management information into a concise and compelling lender presentation pack.
We analysed the modelled cash flow forecasts to determine the right level of funding required. We assessed affordability for the benefit of both Paxport and the bank. This underpinned a detailed funding proposal to support the application to Barclays.
To allow Paxport’s management team to focus on running the business, we supported and streamlined the application process and led negotiations with the bank relationship manager.
With our diligent support, Barclays 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.
We have been very pleased with the service from Shaw & Co. Good value for money, great advice and a high service level."
Spinnaker is the world leader in the manufacture of cash protection solutions. When it needed a business loan, Spinnaker's management team approached us to find the best solution.