Exporters in East Midlands secure nearly £41 million in overseas sales with UK Government-backed financing

Added by Love Business East Midlands | 30 June 2020

UPDATED: 3 July 2020

UK Export Finance’s (UKEF) annual report and accounts, published this week, reveal its support for exporters from the East Midlands resulted in £41 million worth of overseas sales.

One company supported by UKEF in the last year is Lincoln-based IMPS, who secured £750,000 worth of overseas business following UKEF support.

 

A working capital loan allowed them to secure a large order to supply for parts used in the refurbishment of Rolls Royce engines on the historic Sri Lankan railway. Since successfully fulfilling this order the company is now exploring expanding into new markets.

 

Paul Wheeler, Director IMPS said “UKEF’s support was vital in the successful completion of this contract, we would have been unable to progress without their world leading flexible finance. Their support will continue to be crucial as we look to expand our reach overseas”

 

UKEF’s latest results reveal it has provided £4.4 billion in support for UK exports over the last year, supporting trade with 69 countries.

 

There was a sharp increase in companies in UK supply chains benefiting from UKEF support due a significant proportion of UKEF business going to industries with strong UK supply chains, with nearly £2 billion for the construction sector and over £500 million for manufacturers.  

 

Secretary of State for International Trade, Liz Truss, said:

 

“This has been another outstanding year for UK Export Finance, helping businesses in every part of the UK win export contracts.

 

“Supporting international trade will be crucial as the UK looks to recover from the impact of the COVID-19 pandemic. UK Export Finance is already playing a critical role at the centre of the government’s plan to power an export-led recovery and its offer is more important than ever for UK exporters.”

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