The Arena Group has received a £15.6 million Coronavirus Large Business Interruption Loan from HSBC to help the business weather the Covid-19 storm.
The company, which is a key supplier to events including AELTC Wimbledon Championships and Virgin Money London Marathon, reported a 51.5% fall in revenue to £42.8m in the six months to 30 September, compared to the same period the previous year, while adjusted EBITDA decreased to £4.4m from £8.8m.
During the pandemic, the company has adapted its business offering, building field hospitals and drive-through coronavirus testing centres in the UK, the US, the Middle East and Africa. It has also supplied a new seating layout for the north and south stands at London Stadium (pictured) and a new semi-permanent seating stadium for Edinburgh Rugby Club at Murrayfield.
In June, the company merged its UK & Europe and Middle East & Asia divisions to form Arena EMEA.
Arena Group CEO Greg Lawless said, “We were all set to deliver temporary facilities for the Tokyo Olympics, the Ryder Cup in the US in addition to our regular recurring work with many of the UK’s premier sporting events last year, so needless to say 2020 wasn’t the year that the business expected, as the Olympics and countless other national and global events were cancelled or postponed. .
“However, we moved quickly to mitigate the impact of Covid-19 by reducing our operational cost base and focusing our attention on non-event sources of income. We couldn’t have done this without the support of HSBC UK, and their backing has gone a long way in helping us navigate this unpredictable pandemic.”