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Scottish storage solutions firm Rackit secures £1m CBILS loan from RBS

Jul 28, 2020

Scottish storage solutions firm Rackit secures £1m CBILS loan from RBS Published Jim Ferguson, managing director, Rackit Rackit, a North Ayrshire-based storage and handling solutions business, has secured a £1 million funding package from Royal Bank of Scotland to help support the business during the coronavirus pandemic. The CBILS loan will assist with cash flow which has been severely impacted by supply chain delays and travel restrictions implemented in response to the coronavirus pandemic. It will also enable the business to continue to supply major customers across Scotland, the UK and Europe and grow at a time when other sources of funding are scarce. Founded in 2006, Rackit, provides customers, from small office-based businesses to multi-national global giants, with storage and handling solutions that help make the most of their space - boosting productivity, easing operations, and ultimately increasing profitability. With a combined experience of over 100 years, the company currently employs 50 members of staff across its Scottish head office and regional offices positioned around the UK. Jim Ferguson, managing director of Rackit, said: “Like many other businesses, we have experienced major interruption to operations as a result of the COVID-19 pandemic. While major customers within the eCommerce sector continued to place orders, travel restrictions and general supply chain issues resulted in us purchasing stock but being unable to deliver or install, placing a huge strain on our cash flow. “Not only has the CBILS funding allowed us to maintain high levels of stock during a challenging period but it has enabled us to continue servicing our loyal customer base and provide confidence that, even throughout a pandemic, we can support their business needs to the highest standards. “Prior to the pandemic hitting we were in a strong position that we want to return to build on when the business can begin operating at full capacity once again. The excellent support provided by our Royal Bank of Scotland relationship manager Alan has given us the security and confidence that we will be in a position to do this and continue with our growth plans post COVID-19.” Alan Poole, relationship manager at Royal Bank of Scotland, added: “Helping and being close to our customers, working together to find the right financial solution is crucial at a time like this. Rackit is an exciting, homegrown Scottish company which has great potential and it’s extremely rewarding to know that our support has helped ease concerns and provided a safety net during this challenging period. I look forward to supporting the business with a strong recovery in the coming months.”

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