West Yorkshire manufacturer Meltog has landed a 400,000 Middle East deal.
The company has signed a great deal that has a major food processing and packaging group located in Saudi Arabia, which can be says will “significantly” boost its revenues.
Meltog, which specialises in the output of can-making and waste recycling equipment, currently has for longer than 2.5m of their turnover via exports.
Meltog received support from UK Export Finance and Lloyds Banking Group. It said manufacturing the machinery would create cashflow pressures, so were required to explore its financing options.
UK Export Finance, great britain’s export credit agency, and Lloyds Banking Group worked together, while using latter providing a functional capital loan of 90,000, held up by additional security made available from UKEF such as level of under its working capital scheme.
Commenting about the deal, Meltog’s Julian Heyworth says: “The support of Lloyds Banking Group and UK Export Finance continues to be invaluable for all of us with his new customer in Saudi Arabia. Having financial flexibility could make all the difference when looking to secure orders and Lloyds and UK Export Finance family interaction have given an answer that really works for people like us.”
Stuart Hodgson, Lloyds Banking Group, says: “Lloyds and UK Export Finance worked in partnership to provide Meltog with all the funding essential to support this chance. We look forward to supporting Meltog at some point as Julian as well as team expect to provide the business further.”
Paul Wright, export finance manager for Yorkshire, adds:”We at UK Export Finance have become willing to be supporting Meltog. UKEF has arrived to help you businesses of any size along with all sectors realise their ambitions to market overseas which is an excellent illustration of UK Export Finance having a bank to extend the quantity of funding designed to help an exporter pursue export opportunities.”