Fenland legal firm kept afloat during coronavirus pandemic thanks to support from bank
- Credit: Archant
A legal firm with offices in March and Wisbech is being kept afloat during the coronavirus pandemic after receiving financial support.
Bowsers Solicitors, which has been trading in the Fens since the 1700s, now has a brighter future thanks to help from Lloyds Bank.
The firm employs 31 members of staff across the two sites and provides services including conveyancing and civil litigation.
Bowsers say they have been “hugely impacted” by the COVID-19 outbreak.
The company is expecting to see its turnover dip by around 15 per cent and has had to furlough more than half of its staff.
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Lloyds Bank is supporting Bowsers Solicitors during the pandemic by providing the firm with a six-figure increase to its current overdraft.
This will not only allow Bowsers to pay staff wages, but also support cash flow and the day-to-day running of the business.
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Chris Ringham, director at Bowsers Solicitors, said: “We had been gearing up for the economic impact of the COVID-19 outbreak, however lockdown came into play a week sooner than we had anticipated.
“This meant we had to act quickly to co-ordinate the team and iron out the logistics of working from home.
“We’re fortunate to still be bringing in work, although not to the same scale as before the crisis began. That’s why we’ve taken precautions to ensure we are financially stable.
“The support and guidance the team at Lloyds Bank has provided has been second-to-none. The overdraft will act as a safety net and will allow us to continue going about our day-to-day work.
“Although current conditions have added pressure to the business, we are optimistic about the future and the possibility of a potential spike when we begin to return to some form of normality.”
Shane Gibbs, relationship director at Lloyds Bank, said: “Bowsers Solicitors has reacted incredibly quickly to the impact of the coronavirus outbreak, adapting its operations to ensure it can continue serving its client base.
“Firms are currently going through what is a period of significant uncertainty, and it’s important now more than ever that they have the financial support they need to weather the weeks and months ahead.
“We’re working by the side of businesses in the legal sector and beyond to help them navigate these challenging conditions.”