Last month, RMS secured a substantial loan from the Lloyds Bank Business Interruption Loan Scheme which will be used to support cashflow during these uncertain times, as a result of the Coronavirus outbreak.
Like many businesses, we have seen an impact on the demand for our services, as seasonal changes to stores have been put on hold and other projects were cancelled due to closure of non-essential retail.
Increased Flexibility to Navigate the Challenge
The funding boost has given us increased flexibility to navigate this challenging time. As shops start to reopen, the loan will be important for the company's cashflow, and we have made the decision to use some of these funds to allow those of our field staff who are currently furloughed, to remain on furlough until the end of August if necessary. Doing this will cost RMS a significant amount of money, but we are always motivated to do the right thing by our people. The reason for going down this route is to continue to support our staff and provide stability by ensuring that they keep on getting paid on a weekly basis. We value every one of our team; each individual is an important part of the RMS Family.
It was a major decision to continue the furlough scheme for our field workers, but one that we believe will put the company in the best possible position to support upcoming projects.
Retail Partner Engagement
Undoubtedly, this has been one of the most challenging periods in our company's history. However, as lockdown eases, Government restrictions loosen up, and our Retail Partners begin to launch their change programmes, we are starting to see an increase in requests for merchandising services.
We’ve had plenty of engagement with our Retail Partners, so by September, we are hoping to deploy RMS workers and get them back to doing what they do best: supporting our partners by delivering a better shopping experience.
We are confident that we have made the right decision for both our people and the company. As we embrace the ‘new normal’, we’ll be ready to support our Retail Partners and provide them with the quality service that we’re renowned for. Retailers are going to require more flexibility than ever before, and because of our ground-breaking technology which manages our flexible teams of skilled people, RMS is in prime position to provide them with what they need.
