Burberry, the renowned clothing retailer based in the UK, has repaid Bank of England’s £300 million COVID-19 support loan.
What’s, however, noteworthy is that the clothing brand has repaid the loan a month in advance.
Reportedly, Burberry is also set to hand back £7 million received in business rates relief. And all this despite its stores were closed.
The decision follows the impressive performance in China, which saw its e-commerce sales jump by a three-digit percentage in Q3.
More on this, the company spokesperson said that the repaying of loan was the right thing to do especially after a much improved Q3 business performance and financial stability – secured via cash management and introduction of long-term funding through sustainability bonding.
The loan was a part of a treasury-backed support package for large firms hit by the COVID-19 pandemic.
The decision to repay the loan makes Burberry the first non-essential retailer to return the money.
