Glenalmond Timber, the Perthshire-based bespoke timber manufacturing company, has secured six-figure backing to help safeguard the future of the business following the coronavirus pandemic.

The £600,000 CBILS finance package from Royal Bank of Scotland will assist the third-generation family business to continue to supply clients across Scotland, the UK, Ireland and Europe, it said.

It will also enable the business to continue with its expansion plans and delivery of a variety of new, innovative and sustainable solutions for the construction industry as well as scoping out emerging markets.  

READ MORE: Covid tips Glasgow power giant into red as it targets Tokyo 2021

Originally founded in the 1950s, the company currently employs more than 30 members of staff across its Perth Harbour and Methven facilities.

The recent funding has enabled the business to keep all existing employees on board, as well as the creation of new jobs, with the recruitment of additional machine operatives.

Fraser Steele, managing director of Glenalmond Timber, said: “The funding from Royal Bank of Scotland has not only helped us to continue to supply our existing clients throughout the current pandemic, it has enabled us to pursue and secure several new clients as well as exploring ways to develop and expand our existing offerings post Covid-19.

“Our relationship director Ken Anderson worked tirelessly to ensure the application process was as smooth as possible and we secured the funding required to help us navigate through and beyond the pandemic.

"We have banked with Royal Bank of Scotland for more than 60 years and having their support and belief in our company has been reassuring during this challenging period."  

Ken Anderson, of Royal Bank of Scotland, said: “The construction sector and businesses that support the industry have been presented with a plethora of challenges over the past few months with the coronavirus pandemic bringing the industry to a temporary halt.

“It’s rewarding to know that our recent funding has allowed Glenalmond Timber to continue operations across the UK, Ireland and Europe and to prepare for the ‘new normal’ post Covid-19. I look forward to supporting and watching the company grow as the economy gets moving again.”

Travel money firm Travelex has struck a deal to stay afloat, but with the loss of more than 1,300 jobs in the UK.

Administrators PwC said the impact of a cyber-attack followed by the coronavirus crisis had "acutely" hit the company.

READ MORE: North Sea oil and gas firms urged to diversify

It said that a complex restructuring deal completed on Thursday had delivered £84 million of new money through a "pre-pack administration sale" of certain entities and assets.

The purchaser is Travelex Acquisitionco Limited, a special purpose vehicle controlled by the Noteholders to the global Travelex Group.

A pre-pack administration sale is when a company arranges a deal to sell its assets to a buyer before appointing administrators to facilitate the sale.

Toby Banfield, joint administrator at PwC, said the sale had saved 1,802 jobs in the UK, but 1,309 UK employees will be made redundant.

He added: "We would like to thank the employees, management team and all stakeholders who have been an integral part of the Travelex business for their tireless efforts.

"Against the challenging backdrop of the pandemic and current economic climate, they have helped to deliver a highly complex restructuring, enabling a core part of the business to continue operating under new ownership.

"The completion of this transaction has safeguarded 1,802 jobs in the UK and a further 3,635 globally, and ensured the continuation of a globally recognised brand.

"Unfortunately, as the majority of the UK retail business is no longer able to continue trading, it has regrettably resulted in 1,309 UK employees being made redundant today."

On New Year's Eve, Travelex was the target of a high-profile hack and reportedly paid out 2.3 million dollars (£1.8 million) in January to the notorious REvil ransomware gang.

The attack left its systems down for weeks, forcing the group to resort to pen and paper across its branches.

PwC said that the subsequent Covid-19 outbreak had created "considerable uncertainty" on future financial performance and the spread of the virus resulted in a sharp decline in air passenger numbers - impacting global travel.

The Travelex Group trades in over 80 currencies and operates in more than 50 countries, both online and through a network of more than 1,000 stores including major airports, with more than 1,000 ATMs around the world, PwC said.

The group also provides outsourcing services for partners including banks, supermarkets and travel agencies, extending its reach to more than 60 countries, it added.

The joint administrators will be writing to creditors in the next few weeks to provide further information on the restructuring and the impact on creditors, PwC said.

House prices leapt to a new high in July, in a "surprising spike" after the market was put on pause earlier this year, according to an index.

Property values jumped by 1.6%, or £3,770, month-on-month on average in July, Halifax said.

READ MORE: Opinion: Kristy Dorsey: Grandiloquent language no substitute for concrete action

Across the UK, the average property value was £241,604 in July, up from £237,834 in June.

House prices increased by 3.8% annually.

The housing market has gradually been reopened after restrictions were imposed earlier this year as part of the coronavirus lockdown.

Russell Galley, managing director, Halifax, said: "Following four months of decline, average house prices in July experienced their greatest month-on-month increase this year, up 1.6% from June and comfortably offsetting losses in 2020.

"The average house price in July is the highest it has ever been since the Halifax house price index began, 3.8% higher than a year ago."

It comes as Rightmove said that demand to both rent and buy homes increased in June and July compared with the same months last year, as the property market opened up from the depths of lockdown.

The property website, whose profit almost halved in the first six months of the year, said pent-up demand was being released as people who were planning to move before the pandemic started house-hunting again.

And many others started looking for a new place to live after being stuck in their homes for months during lockdown, despite not previously having any plans to move, Rightmove said.

Across the two months, demand to buy a property has been 50% higher, with rental demand up 20%, compared with the same period in 2019.

You can now have the bulletin and the top business news stories sent direct to your email inbox twice-daily for free. Tick Business Bulletin AM edition and Business Bulletin PM edition, and Business Week for the weekly round-up on Sunday, in the newsletters section here to sign up: