Vital £350,000 funding keeps Peterborough motorbike dealership on the road

Neil Steen, managing director of Wheels Motorcycles.

Wheels Motorcycles, based in First Drove, Fengate, where it employs 46 staff, was forced to close its retail and dealership operations and café under the Covid lockdown and during its key seasonal period.

Although it could continue to run its workshop to ensure motorcyclists could drive safely, the closure meant a severe drop in takings.

Now the business has been awarded £350,000 from Barclays under the Coronavirus Business Interruption Loan Scheme (CBILS), the Government-backed loan scheme.

Neil Steen, managing director of Wheels Motorcycles, said: “Motorcycling is seasonal so what we earn in the summer gets us through the winter. So in March, we were very busy, but then bang, everything stopped.

“When we realised three months’ lockdown would mean we wouldn’t be here next summer, we asked Barclays for support.

“My Barclays Relationship Director said ‘yes, we can lend you the money to get you through this’ and after we’d filled in some forms, the money was in my account just a few days later. This CBILS loan gives us the opportunity to survive and to be here for our customers.

“We also found the Government’s Coronavirus Job Retention Scheme a great support during the lockdown and the majority of our staff have already come off furlough and returned to work.”

Wheels Motorcycles provides everything from motorcycles and scooters for sale, to MOT servicing, to a clothing department and is also a popular social hub for the area’s motorcycle enthusiasts, offering training and a café on-site.

Steve Brown, Barclays Relationship Director, said: “Coronavirus hit Neil’s business just as he was entering his busiest months.

“Motorcycling is a seasonal hobby for many, so the timing of this closure was causing sleepless nights.

“I’ve worked with Neil for a number of years, and we spent time looking at financial forecasts and put together an application that would get him through the tough period.

“For a small business, there’s a lot of moving parts, so we helped them see the wood from the trees and now he has the funds needed to meet all essential overheads.”

Peterborough manufacturer secured lifeline with coronavirus funding