BBCThe boss of a firm that supplies Jaguar Land Rover (JLR) has said his business still faces an uncertain future as production at the car giant is set to restart following a crippling cyber-attack.
Michael Beese, managing director of Genex UK, which presses metal parts, said there was only “a finite element of cash” available while production was halted.
The majority of his 17-strong team, based outside Walsall, had to be temporarily laid off without pay, he said, and they did not yet have a return date.
He added the criminals behind the attack made him feel “very angry” due to the tens of thousands of people the situation had affected.
About 30,000 people are directly employed at JLR’s UK plants with about 100,000 working for firms in the supply chain.
“I think for the staff it’s very concerning, worrying, stressful – and I think I’m sharing those same feelings as well,” Mr Beese said.
He added he had not wanted his firm to close, perfering to try to keep things going, but that it was difficult as commercial lending rates were too steep.
Mr Beese said he had been offered a loan with a 16% interest rate which also needed a 100% personal guarantee – meaning he risked losing his home if payments were not kept up.
“I’ve got a good business, I’ve got a good group of staff with me that are all very capable and I really don’t want to lose it,” he said.
He welcomed the government’s £1.5bn loan guarantee for JLR, believed to be the first time a company has received government help as a result of a cyber-attack, but he questioned the speed at which it might filter down the supply chain to companies like his.
He wanted the government to consider giving securities against loans for smaller businesses as well.
There were many others in a similar situation, he said, but they were cautious about speaking out.
Meanwhile, he was hopeful things may now start to return to normal – if the Wolverhampton engine plant started up again this week, others would start up fairly soon, he said.
“We do a myriad of parts across a number of their sites, so any site that opens is fantastic news,” he told BBC Radio WM.
