BARC receives Barclays funding lifeline
UK motorsport business British Automobile Racing Club has announced it has received a £2m cash injection from Barclays through the Government-backed Coronavirus Business Interruption Loan Scheme (CBILS), to help secure its future through the COVID-19 crisis.
The British Automobile Racing Club was established in 1912, is headquartered at Thruxton Circuit, Andover and also operates circuits at Croft in North Yorkshire and Pembrey in Wales. The business is one of the largest motorsport organisations in the UK and is responsible for organising more than 35 championships and upwards of 60 race meetings each year. Following the COVID-19 outbreak, the circuits were stopped in their tracks – having to cancel all spectator events, racing club and test drive activity – during what is their peak season (running from April through to October).
Whilst most of the organisation’s staff are currently furloughed, the funding will help replace lost income and meet the outgoing running costs associated with the business.
Peter Chubb, treasurer and director at British Automobile Racing Club, said: “The recent impact of COVID-19 has had a devastating impact on our business, and assistance from the CBILS in supplying financial support has been a lifeline. It will enable us to work through these uncertain times, including how we can potentially re-open for racing and other Group motorsport activities, within social distancing regulations, and at the right time, welcome back spectators. We are most appreciative of all the help Barclays has provided and the speed in which this funding was delivered. Barclays understands our business and this is yet another example of our much valued relationship with the bank.”
“We have worked closely with the British Automobile Racing Club for over seven years now, so it was important to be able to help them through these challenging times,” said Mike Saul, head of hospitality and leisure at Barclays Corporate Bank. “In particular, racing at the historic Thruxton circuit is loved and enjoyed by many fans from across the UK, and the funding will enable the entire business to continue to cover their fixed costs and plan for the future.”