Production AV is an Audio Visual equipment hire and associated services supplier based in Cheltenham Gloucestershire. We employ a total of 5 full time Employees and 1 part time, operating from a warehouse of 10,000sqFt across the UK and into Europe. Our turnover prior to Covid-19 was circa £750,000. We provide equipment and services to exhibitions, conferences, live music events, tours to both businesses and private individuals, so operating in the Leisure and Hospitality sectors.
We also rely heavily on a skilled and experience base of Self Employed contractors to help us deliver our projects. We are able to contract individual suppliers with the specific skillsets for each project as required. Over busy periods we may have up to 20 individual freelance contractors working for us for periods of several hours to several weeks depending on the nature of the projects.
The effects of Covid-19 started to be felt in mid February when exhibitions such as Mobile World Congress started to be postponed or cancelled. We had cancellations of projects already dispatched, as well as those under planning.
Through February and to mid March our forward order book was slowly decimated, to the point that between the 20th of April and Mid September we do not foresee any revenue from any of our usual revenue streams.
We have been amongst the first businesses to be impacted, and will likely be one of the last to recover to pre Corvid-19 Levels.
At the time of writing We have furloughed 4 of our full time employees, leaving the Managing Director and Accounts Manager to undertake work necessary to effectively mothball the business. We anticipate them being furloughed for the duration of the scheme.
We have been successful in applying to be included by Cheltenham Borough Council within the Retails Rates Holiday and thus the Grant. This represents a boost to our cashflow of £44,000.
We are currently in the process of applying for a Coronovirus Business Interuption Loan to enable us to survive until work returns to normal levels.
Current anecdotal evidence suggests that we may start to see a limited return to events from late September/October onwards. We are planning however that this could be much longer – currently forecasting that we may only be at 30% of current workload up to next April.
However this return to normal will very much be limited by the ability for people to gather, and stakeholders perceived risk to holding gatherings.
We will likely be the last area that returns to normal as restrictions reman in place.
The main areas that we will need further support or clarification:
Production AV Ltd.