International events group secures multimillion-pound finance support from HSBC UK
International events company, Arena Group, which is headquartered in South Wimbledon, has secured an additional £4.75 million facility from HSBC UK to provide its employees, suppliers and customers stability and support over the coming months as it prepares for a period of uncertainty.
Arena Group, a specialist provider of temporary facilities to major international events, has already implemented plans to prepare for the cancellation and postponement of major sporting events until the end of May, and most likely June, and has also raised £9.5 million in shareholder funds to bolster the Group’s Balance Sheet through a Placing of new shares from both new and existing shareholders.
The additional facility from HSBC UK will help the business to maintain a ‘business as usual’ approach as much as possible as it navigates the coming months. This facility has already enabled the Group to quickly implement the Government’s furlough scheme to support employees and ensure no expertise are lost over the coming months.
Arena provides temporary facilities for sporting events such as The AELTC Wimbledon Championships, The Open and, in December, provided the installation of the Diriyah Arena for the Joshua v Ruiz II rematch in Saudi Arabia. The company also provides infrastructure deployment to support disaster relief and is currently working with health authorities around the world to provide assistance and infrastructure, such as drive-thru testing and temporary hospitals, during the current pandemic.
Greg Lawless, CEO of Arena Group, commented:
“With sporting events cancelled or postponed for the next few months, the additional support from HSBC UK, coupled with the new equity raised, will enable us to continue to plan for the future and provide support to our colleagues, suppliers and customers during these challenging times.
“We need the confidence of all our stakeholders to succeed. We are therefore really pleased to have received such tremendous support from the team at HSBC UK over the past few weeks led by Relationship Director Liz Anderton. The turn-around and confirmation of this support package, delivered in such a short timeframe has given the Group the financial stability required to continue to navigate the current uncertain global marketplace.”
Will Roberts, Deputy Area Director West End Corporate Banking Centre, HSBC UK, said:
“HSBC UK is committed to supporting its customers during this period of uncertainty. We were delighted to be able to help the team at Arena Group with an additional loan, enabling the organisation to continue to operate and to be in the best position possible to support their customers when events resume.”
HSBC UK has announced a package of support for businesses dealing with COVID-19:
- £5bn to help businesses that need support
- Preferential financial solutions for ventilator businesses
- Coronavirus Business Interruption Loan Scheme launched
- £100 Small Business Loan fee waiver
- Relationship managers proactively contacting customers to see what help their businesses need
- Launching a helpline to support any customer queries (08000 121 614, open 9am – 5pm Monday to Friday).
- Offering repayment holidays to free up cash within businesses
- Reviewing overdrafts or trade loans to allow stock to be held for longer
- Providing trade finance solutions to support customers with their supply