3DReid builds resilience through coronavirus business loan
Architecture practice 3DReid has secured a loan from Barclays through the Coronavirus Business Interruption Loan Scheme (CBILS).
The company has worked on a number of high-profile projects including designing the Emirates Arena & Sir Chris Hoy Velodrome, the showpiece of the 2014 Glasgow Commonwealth Games. It managed the refurbishment and extension of Gleneagles and is currently designing a major new extension to Cameron House in Loch Lomond which will include a ballroom and 68 bedrooms.
3DReid is also one of the firms behind the New Fountainbridge development in Edinburgh, transforming a brownfield site to a canal-side community. The two-phase project will bring a mix of commercial and retail units, as well as a hotel to the site which links Fountainbridge to the Union Canal. The second phase will focus on residential property with a variety of homes including town houses and apartments.
3DReid currently employs more than 130 people across five studios, including Edinburgh, Glasgow, London, Manchester and Birmingham.
Acquired in anticipation of a potential contraction of fees and increased payment terms, the funds from Barclays will ensure the business remains strong and resilient despite the uncertainty of the challenging economic environment ahead. In a bid to help the company safeguard cashflow, the bank has granted the business a capital repayment holiday on a previous loan.
Mark Taylor, chief executive of 3DReid, said: “The impact of coronavirus on the construction industry has been significant and non-discriminate in its potential to harm businesses like ours. Working with Barclays we were able to identify the likely risks to our business and highlight the support we required, the process was seamless, and we received funds quickly.”
Gordon McKean, relationship director at Barclays Corporate Banking in Scotland, added: “3DReid is a successful operation with a commendable portfolio of projects known to many. The pandemic has had far-reaching impacts on all industries including those specialising in architectural projects partly due to the pause placed on the construction sector during lockdown.
“We are pleased we were able to provide funds to cover business critical costs, safeguarding the business and its staff and helping to mitigate the effects of the pandemic.”