UK air ambulance company IAS Medical secures funding from HSBC UK

IAS Medical, a UK air ambulance company, has secured a £1.6 million finance package from HSBC UK to protect its business.

Usually, IAS Medical provides air ambulance services to fly sick and injured citizens back to the UK from different parts of the world.

Following the global travel restrictions due to the COVID-19, which are still in place and with much of the UK’s airspace closed, IAS Medical has been hit with a sharp drop in demand for its air ambulance services. The air ambulance company has therefore suffered revenue losses of nearly £450,000 a month since the beginning of April 2020.

However, IAS Medical, which has 52 employees in the North East, has seen an increase in demand for its ground ambulance services during the prevailing coronavirus outbreak. Presently, the air ambulance company providing emergency transport services to the NHS amid the prevailing COVID-19 crisis.

IAS Medical has been helping the NHS by transporting patients from infected hospitals to alternative local hospitals where they can be safely treated.

UK air ambulance company IAS Medical secures funding from HSBC UK. Photo courtesy of AirOperationsManager/Wikimedia Commons.

The air ambulance company will use the funding from HSBC UK to address its monthly financial commitments and continue offering crucial emergency services to the NHS using its fleet of ground ambulances.

Apart from air ambulances, IAS Medical has a fleet of paediatric ICU ambulances, which are based at the Great North Children Hospital in Newcastle-Upon Tyne. The company’s aircraft is based at Teesside International Airport and East Midlands Airport and its customers include the NHS, UK Ministry of Defence (MOD), and the UK government.

David Slane – Area Director for the North East at HSBC UK said: “IAS Medical provides a crucial lifeline to the NHS and UK citizens, particularly in the North East, so we’re delighted to help it remain operational and secure its long term future at a time when its services and expertise are needed most.”

The funding from HSBC UK is part of the UK government-backed Coronavirus Business Interruption Loan Scheme (CBILS).

Peter Roberts – Managing Director at IAS Medical said: “HSBC UK’s much-needed support has allowed us to continue operating at a time when our air ambulance flights, and income have dramatically reduced. The CBILS loan has enabled us to cover our monthly fixed costs including hangarage, insurance and rent that are independent from, and remain payable, whether or not our air ambulance aircraft fly.”