AWARD-winning architecture practice 3DReid has secured a loan from Barclays through the Coronavirus Business Interruption Loan Scheme (CBILS).
Acquired in anticipation of a potential contraction of fees and increased payment terms, Barclays revealed the funds will ensure the business remains ‘strong and resilient’ despite the current economic uncertainty. In a bid to help the company safeguard cash flow, the bank has granted the business a capital repayment holiday on a previous loan.
3DReid has worked on a number of high-profile projects including designing the Emirates Arena & Sir Chris Hoy Velodrome, which was used in the 2014 Glasgow Commonwealth Games. The company also managed the refurbishment and extension of Gleneagles and is currently designing a new extension to Cameron House in Loch Lomond, which will include a ballroom and 68 bedrooms.
The practice is one of the firms behind the New Fountainbridge development in Edinburgh, transforming a brownfield site to a canal-side community. The two-phase project will bring a mix of commercial and retail units, as well as a hotel to the site. The second phase will focus on residential property with a variety of homes including town houses and apartments.
3DReid currently employs over 130 people across five studios, including Edinburgh, Glasgow, London. Manchester and Birmingham.
Mark Taylor, chief executive of 3DReid said, “The impact of coronavirus on the construction industry has been significant and non-discriminate in its potential to harm businesses like ours. Working with Barclays we were able to identify the likely risks to our business and highlight the support we required, the process was seamless, and we received funds quickly.”
Gordon McKean, relationship director at Barclays Corporate Banking in Scotland added, “3DReid is a successful operation with a commendable portfolio of projects known to many. The pandemic has had far-reaching impacts on all industries including those specialising in architectural projects partly due to the pause placed on the construction sector during lockdown. We are pleased we were able to provide funds to cover business critical costs, safeguarding the business and its staff and helping to mitigate the effects of the pandemic.”