By Ian McConnell
A PETERHEAD-based engineering business serving the energy sector has secured a £1.2 million loan from Barclays to navigate the Covid-19 crisis.
The coronavirus business interruption loan has been secured by JBS Fabrication, the main trading entity of JBS Group (Scotland), which specialises in fabrication and engineering services, blast containment, screw conveyors and subsea excavation services. JBS began as a small trading company serving the oil and gas industry in north-east Scotland. It now has 48 staff, trades in more than 80 countries across multiple sectors, and achieved strong growth prior to the lockdown.
Barclays said the loan “provides working capital and will fund fixed costs to support JBS through the Covid-19 lockdown until normalised trading resumes”. Barclays has also provided the business with a capital repayment holiday on its existing loan.
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