“We suddenly found out that our supply to China on the occasion of New Year celebrations could not be sold on the market due to health restrictions. Subsequently, the coronavirus pandemic came to Europe, many showrooms were closed and the pandemic spread all over the world,” CEO Zuzana Ceralová Petrofová describes how the coronavirus heavily affected the business of the company, founded by her great-great grandfather.
In order to overcome the difficult period, the company decided to apply for a guarantee from the COVID II program. “We took it as an opportunity enabling us to save interests paid on the commercial loan, while our financing (commercial) bank could share the risk with the state,” says Mrs Petrofová, adding “We signed two contracts in the amount of CZK 10 million – Raiffeisen Bank approved a loan guaranteed by the ČMZRB. It was approximately half of our initial request. The money came to our accounts in three days.”
The company felt the impact of the coronavirus pandemic already in January 2020, when its supply for New Year celebrations to China could not be sold. Gradually, the pandemic spread to other countries, showrooms were closed, and profit started to decline. With the aim to overcome this tough period the company decided to apply for the COVID II guarantee program offered by the Czech-Moravian Guarantee and Development Bank. The guarantee was provided for Raiffeisen Bank´s loan in the amount of CZK 10 million.
The Petrof company was established by Antonín Petrof in 1864. It is currently the largest manufacturer of acoustic grand pianos and upright pianos in Europe. Nowadays, the company with 230 employees is led by a representative of the fifth generation of Petrofs. The company is active on five continents and exports to more than 65 countries around the world. It produces around two thousand upright and grand pianos a year in Hradec Králové. Its annual turnover before the pandemic was around CZK 310 million. Petrof is primarily an export-oriented company - 90% of its music instruments are exported to Asia, Europe and America.