A Yorkshire company, which provides temporary structures and organizes outdoor cultural and sporting events, has received a £ 4million loan from the Government’s Culture Recovery Fund of £ 1.57 billion with the support from accountants and business consultants, Garbutt + Elliott.
Acorn Event Structures, Sherburn-in-Elmet, one of the UK’s leading staging and temporary structures companies, is among 2,700 cultural organizations across the country to share £ 300million from the Recovery Fund of government culture to help them recover and rebuild after the Covid-19 pandemic.
Co-founded by directors, husband and wife team Andy and Rebecca Nutter, Acorn Event Structures works primarily in the events, arts, film, television and sports industries, providing bespoke temporary structures. and hosting world class events across the UK. and Ireland and Europe the design, supply and installation of a wide range of temporary structures and ancillary support services.
The company, which has 70 full-time employees and up to 220 at the height of the event season, has relied on the government’s time off program to keep most of its staff on duty during the pandemic while managers and a small number of office staff, maintained client relationships and helped plan events after restrictions were lifted.
The £ 4million Culture Recovery Fund loan will enable the company to protect jobs and develop a post-Covid-19 resilience plan that will include the development of new innovative techniques for temporary structures.
Rebecca Nutter said: “In March 2020 our order backlog was at an all time high and we were eager to provide stage and temporary structures to our regular customers including RHS Chelsea Flower Show, Goodwood Festival of Speed, Creamfields and Frieze Art Fair.
“Covid-19 has had a huge impact on the events, culture, arts and heritage sectors and most of our clients are in these areas. We are grateful for the opportunity offered by the Culture Restoration Fund to help us build a sustainable and resilient future as we emerge from this global pandemic.
“Our accountants, Garbutt + Elliott, have also been extremely helpful and professional in providing the financial details and projections necessary to support our application for the Culture Recovery Fund and integrate it into our business development plan.
Garbutt + Elliott Corporate Finance Director Stephen Garbett led a team that included Partner and Head of Corporate Finance Tony Farmer and Director of Corporate Finance Mark Jennings, Head of Accounting, preparing management accounts, financial forecasts and corporate finance project management for the loan.
Stephen Garbett says: “Access to culture and sport is an integral part of recreational life for millions of people and is one of the activities that we often take for granted but were largely missed during the pandemic.
“Acorn Events is one of the UK market leaders in providing temporary structures for events enjoyed by millions of people and we have been delighted to work with them to secure the future of the business and protect jobs.”
Over £ 800million in grants and loans have already been awarded by the Culture Revival Fund to support nearly 3,800 cinemas, performance venues, museums, heritage sites and other cultural organizations facing the immediate challenges of the pandemic coronavirus.
The Garbutt + Elliott corporate team, which incorporates its award-winning tax team, has three partners and two directors and works nationally across a wide range of business from its York and Leeds offices.
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