AUGUST 2020
     

'Very appreciative' of financial assistance

Apollo secures $25 million in loans
to help it battle coronavirus crisis

Have your say

THE manufacturer of Coromal and Windsor caravans has landed $25 million in in government financial assistance as Australia continues to battle the coronavirus crisis.

Brisbane-based multinational Apollo Tourism and Leisure has secured a two-year $15 million loan from the Federal Government's COVID-19 Export Capital Facility, which is designed to help previously profitable Australian exporters whose businesses have been impacted by the epidemic.

It will also receive a $10 million loan for the same period from Queensland Government's Industry Support Package.

Apollo said the funding would allow it to continue with its recovery strategy during "these challenging times for tourism businesses".

Managing director and chief executive Luke Trouchet said his company was "very appreciative" of the financial assistance.

"This support will help us navigate through this period of undertaintly, give us the opportunity to create a stronger platform and continue to employ hundreds of people," he added.

Apollo was now confident it had sufficient liquidity and capacity to trade through the expected prolonged period of subdued tourism activity.

Speaking at Apollo's Northgate factory, Queensland Treasurer Cameron Dick said his government's loan would help the company adapt its business to the challenges posed by COVID-19.

"Apollo builds, sells and rents campervans, RVs and motorhomes, employing over 220 people in Queensland," he said.

"The ban on international travel has robbed Apollo of more than three-quarters of its rental market, the largest part of which was European tourists.

"But the sale of motorhomes is holding up well as our strong health response to COVID allows more Queensland businesses to open up.

"So Apollo will use this loan to increase their business' focus on manufacturing, moving from four days a week of manufacturing to five.

"Every day we're seeing more caravans and RVs hit the road in Queensland, spending money in businesses right across our state.

"Apollo's factory also support hundreds of Queensland small businesses who supply components as part of the manufacturing process."

The company plans to release its results for the 2020 financial year on August 31.

BACK TO CARAVANNING NEWS MAIN PAGE