COVID has affected company, which has been giving music to the world for 156 years

Upright pianos and grand pianos “Petrof” are known all over the world. You can find them in La Scala or in the Sydney Opera House. They are popular across the world including China. There are many famous names associated with playing them, such as Paul McCartney, Jitka Fowler Fraňková or one of the best Argentine pianists Antonio Formaro. They are bought by private persons, schools, theatres, cultural houses or philharmonic orchestras. Petrof sales approximately two thousands pianos annually. In 2019, the company had a successful year. But then, the pandemic hit the business.

“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, 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 Ms Petrofová, adding “We signed two contracts in the volume of CZK 10 million – Raiffeisen Bank approved a loan guaranteed by the ČMZRB. It was approximately a half of our initial request. The money came to our accounts in three days.”


About cooperation

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 the Raiffeisen Bank´s loan in the volume of CZK 10 million.


About company

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 the Petrofs. The company is active on five continents and exports to more than 65 countries around the world. It produces around two thousands of upright or grand pianos a year in Hradec Králové. Its annual turnover before the pandemic was around CZK 310 million. The Petrof is exclusively export-oriented company - 90% of its music instruments are exported to Asia, Europe and America.