Marine engineering company MCPS Ltd is able to fulfil a €1.4 export contract with Spanish offshore construction company Dragados Offshore after securing funding supported by UK Export Finance (UKEF).
The South Shields based company, which manufactures and supplies anode based protection components for the offshore oil and gas industry, now looks set for a 35 per cent boost in turnover after winning the new business.
When appointed to undertake the work, MCPS MD Glen English and financial controller, David Bennett approached bank NatWest, who looked to UKEF to assist with securing the funding needed to deliver on the contract.
With the backing of UKEF, the manufacturer obtained bonding facilities worth €200,000 to allow work to begin without a cash outlay.
Paul Croucher, head of trade finance and insurance solutions at UKEF, commented: “UK Export Finance is here to help British businesses grow their order books overseas so they can secure and deliver larger and more profitable international contracts – which in turn will ensure local job creation and boost economic growth.
“Improving the UK’s export performance in 2014 is of great importance and we are working hard to back businesses seeking to secure a foothold in international trade – and for those already exporting.”
NatWest relationship manager, Paul Blakey, commented: “I am so pleased to work closely with UK Export Finance. It’s important the bank works with government bodies such as these. I look forward to seeing MCPS continue its growth in the next year.”
MCPS financial controller, David Bennett, said: “We have had the support of NatWest for many years but knowing that MCPS now has the combined backing of the bank and a government run organisation like UK Export Finance gives potential foreign clients added confidence when in contract negotiations with us.”