The Saville Row Company's staff and operations in Northern Ireland have been protected using the UK Government furlough scheme and a Coronavirus Business Interruption Loan from Danske Bank.
The coronavirus outbreak has disrupted many face-to-face industries across Northern Ireland as people are stuck at home and have to buy online, but even some online retailers are feeling the squeeze. The jump in people working from home has led to a drop in the number of people buying formal business attire, and online retailer The Savile Row Company has been one of those e-commerce ventures affected by the drop.
The historic Saville Row Company was founded in 1938 in London's Savile Row, and today it has 27 staff in Northern Ireland at its site in Magherafelt. The location houses the firm's online distribution warehouse, call centre, and a factory shop that makes bespoke shorts for online orders. Managing Director Jeffrey Doltis (pictured above) also lived in Northern Ireland for 15 years and is a Queen's University Belfast graduate.
The drop in business due to the coronavirus outbreak could have spelled disaster for both the firm and its staff in Northern Ireland, but the company effectively put everything on hold. It's taking advantage of the UK Government furlough scheme to pay staff to stay at home during the lockdown, and has secured the Coronavirus Business Interruption Loan through Danske Bank to cover its other costs.
Managing Director Jeffrey Doltis commented on the decision to protect staff: "Before the lockdown, when people were asked to work from home, orders started to fall as immediate worries meant people were not focused on buying clothes. We decided to put the entire business on hold rather than continuing with a skeleton staff and putting their welfare at risk."
The company hopes to be able to restart its operations in June, and aims to get back to normal trading in September or October. Doltis admits that there are still some uncertainties about the shape demand will be in post-lockdown, but hopes that "people will think in a different way about clothing” as the restrictions are lifted.
Jonathan Elder, Corporate Banking Manager at Danske Bank, commented on the bank's support: "Danske Bank is pleased to have been able to act quickly to offer a CBILS loan to The Savile Row Company. Jeffrey and his family have been customers of the bank for a long time and have a very successful business. We hope this loan will help the business to be ready to come back stronger when normal trading resumes."
Source: Written based on press release
