May 17, 2020

Lloyds Banking Group announces £50mn fund for companies in Carillion supply chain

carillion supply chain
Carillion
uk construction
Supply Chain
James Henderson
2 min
Companies in Carillion's supply chain have been offered help by Lloyds Banking Group
Lloyds Banking Group has announced a £50mn package of support for its small business customers that have been hit by the collapse of Carillion.

It is...

Lloyds Banking Group has announced a £50mn package of support for its small business customers that have been hit by the collapse of Carillion.

It is part of a range of emergency measures laid out by the bank for those businesses within Carillion’s supply chain which are now in financial difficulty, as a result of Carillion’s liquidation. 

The fund is open now and small business customers can apply through their usual relationship contacts, who are on hand to support businesses in need of assistance. 

The fund is designed to support the working capital needs of small businesses within Carillion’s supply chain that may now be experiencing financial difficulty.

It will provide them, subject to credit approval, with arrangement fee-free overdrafts and, for the most severely impacted customers, with capital repayment holidays on loans for an initial six-month period, to help with cashflow shortages caused by the liquidation. 

SEE ALSO:

Customers will also be able use the fund to extend or draw new invoice discounting or factoring products, free of arrangement fees.

The Group’s support will also include guidance on working capital requirements to help firms unlock cash so they can manage their way through the difficulties they currently face.

Gareth Oakley, Managing Director, SME Banking, Lloyds Bank Commercial Banking, said: “We know how critical it will be for businesses within Carillion’s supply chain to receive support with their cashflow, to help them through the temporary challenge to their business.

“The measures launched today will ensure these small businesses have the financial support they need to get themselves back on track.”

Share article

Jun 21, 2021

Pandora and IBM digitise jewellery supply chain

supplychain
IBM
Pandora
omnichannel
2 min
Jewellery retailer Pandora teamed with IBM to streamline supply chains as sales of hand-finished jewellery doubled across ecommerce platforms

Pandora has overhauled its global supply chain in partnership with IBM amid an ecommerce sales boom for its hand-finished jewellery. 

The company found international success offering customisable charm bracelets and other personalised jewellery though its chain of bricks and mortar retail destinations. But in 2020, as the COVID-19 outbreak forced physical stores to close, Pandora strengthened its omnichannel operations and doubled online sales. 

A focus on customer experience included deploying IBM’s Sterling Order Management, increasing supply chain resiliency and safeguarding against disruption across the global value chain.

Pandora leverages IBM Sterling Order Management as the backbone it its omnichannel fulfilment, with Salesforce Commerce Cloud powering its ecommerce. Greater automation across its channels has boosted the jeweller’s sustainability credentials, IBM said, streamlining processes for more efficient delivery. It has also given in-store staff and virtual customer service representatives superior end-to-end visibility to better meet consumer needs. 

Jim Cruickshank, VP of Digital Development & Retail Technology, Pandora, said the digital transformation journey has brought “digital and store technology closer together and closer to the customer”, highlighting how important the customer journey remains, even during unprecedented disruption. 

"Our mission is about creating a personal experience and we've instituted massive platform changes with IBM Sterling and Salesforce to enable new digital-first capabilities that are much more individualised, localised and connected across channels and markets,” he added. 

 

Pandora’s pivot to digital 

The pandemic forced the doors closed at most of Pandora’s 2,700 retail locations. To remain competitive, it pivoted to online retail. Virtual queuing for stores and virtual product trials via augmented reality (AR) technology went someway to emulating the in-store experience and retail theatre that is the brand’s hallmark. Meanwhile digital investments in supply chain efficiency was central to delivering on consumer demand. 

“Consumer behaviour has significantly shifted and will continue to evolve with businesses needing to quickly adapt to new preferences and needs,” said Kareem Yusuf, General Manager, AI Applications and Blockchain, IBM. “To address this shift, leading retailers like Pandora rely on innovation to increase their business agility by enabling and scaling sustainable supply chain operations using AI and cloud.”

Yusuf said Pandora’s success was indicative of how to remain competitive by “finding new ways to create differentiated customer experiences that protect their enterprises from disruptions to help mitigate risk and accelerate growth”. 
 

Share article