Autins gets £2.75m under CBILS scheme

Acoustic, filtration and thermal insulation materials company Autins Group confirmed on Wednesday that it has received £2.75m under the Coronavirus Business Interruption Loan Scheme.

The AIM-traded firm said the funding consisted of two loans, with the first being a 12-month bullet loan repayable as a lump sum at the end of its term for £0.75m.

It added that the second loan, of £2m, was a term loan repayable over six years, with no capital repayments required until the 15th month.

Both loans would be eligible for British Business Bank interest support for the first 12 months.

“A trade finance facility of £0.3m will now also be made available to us,” the Autins board said in its statement.

“In total, the group will have an additional £3.05m of banking facilities, which can be utilised within the UK.”