Battling events industry supplier in Peterborough secures funding lifeline

Pearce Hire, which supplies sound and lighting to the events industry.

Pearce Hire, based in Stevern Way, at the Reynolds Industrial Park, has been awarded £250,000 through the Government’s Coronavirus Business Interruption Loan scheme (CBILS) after the business was left battered as mass-attended events were banned during the Covid-19 health crisis.

The funding comes shortly after the company was awarded £450,000 as part of the Government’s £1.57 billion Culture Recovery Fund.

Shaun Pearce, founder of Pearce Hire, said that at the start of 2020 the business was on track to enjoy a record year.

But in the wake of the pandemic outbreak, the company lost bookings worth £3.2 million as hundreds of events were cancelled during the first weeks of lockdown.

As the crisis deepened, the business turned to working with the NHS Nightingale Hospitals and Covid-19 testing stations.

Mr Pearce, whose company supplies about 2,000 events across the UK every year, including tours by musician and broadcaster, Jools Holland and the Cambridge Folk Festival, employing up to 70 freelancers at the height of the summer, said: “We still have a strong order book for next year, but the events industry will still face some challenges as it gets back up to speed.

“I believe that testing people arriving at events could be a way to help give them confidence that they will be safe.

“Our industry makes a huge contribution to the UK economy, supporting a whole ecosystem of suppliers, so we are very happy to receive this support.

“After facing the prospect of losing 30 years of hard work, we can now look towards the future on the other side of this awful pandemic with renewed optimism.”

Keith Giltname, relationship manager at Lloyds Bank, which provided the CBILS loan, said: “Shaun has built a strong, well-managed business with fantastic reputation and a loyal customer base, which I’m sure has a bright future once we emerge from the coronavirus crisis.

“The events industry has been hit particularly hard by coronavirus, but it is an important sector and we are happy to have been able to support Pearce Hire through this difficult time.”

Find out why the boss of Peterborough’s Pearce Hire has called for Government action to save the events industry