Terry Harris and Sons is a prestigious construction company based in Wadebridge in Cornwall, specialising in housebuilding, renovations, civil engineering, and landscaping. It also boasts its own in-house joinery workshop and spray facility. Established for over 40 years, the business is still run as a family concern and has a team of more than 120 staff covering all aspects of trades required to deliver the perfect home.
Despite the uncertainty of the pandemic and a brief pause during the first lockdown, Terry Harris and Sons have experienced a sharp increase in the demand for homes in North Cornwall.
Given announcements in 2020 from the government, Terry Harris and Sons researched the various schemes available and was recommended Ignition in February 2021. It was apparent that maintaining cash flow within the company was key to weathering the very uncertain storm ahead. To this end, Terry Harris and Sons elected to maintain its strong financial position and use Ignition to arrange significant funding to renew various vehicles and plant. This was achieved efficiently through three separate lenders over a period of 9 months using the Coronavirus Business Interruption Loan Scheme (CBILS).
Steve Harris comments:
“By raising funds using the CBILS route we have been able to substantially increase liquidity within our firm. Smaller firms subcontracting to us benefit now from a two weekly settlement rather than normal thirty-day accounts. This strengthens our ability to source the required labour force to meet with the ever-increasing demand for construction services throughout Cornwall. The funds were readily available at each draw down with minimal paperwork and, given the CBILS is interest free for one year, it made perfect sense to take full advantage of the scheme.
“Ignition were recommended to us by a trusted business contact, and we can see why. The whole process has been very efficient, and the customer service is fantastic. It’s also great to deal with a local company that takes the time to understand your business. Ignition is the perfect example of a Cornish-based company with City horse-power!”