Teignbridge Propellers International, a word-leading manufacturer of propellers and stern gear, has won an export contract in Bangladesh worth more than £400,000 thanks to support from UK Export Finance, the UK’s export credit agency.
The largest manufacturer of its kind in Europe, Teignbridge Propellers has seen phenomenal growth in the last 45 years, becoming a brand leader in propeller and propulsion equipment. Today, it exports around 80% of its products to customers across the world, one of very few propeller manufacturers with a truly global presence.
As a major exporter, Teignbridge has a commercial insurance policy which normally provides the necessary cover for its export orders. However, when an opportunity arose to supply propellers to Khulna Shipyard in Bangladesh – a government contract worth in excess of £400,000 – Teignbridge was unable to obtain commercial credit insurance for the order. At this point, the company turned to UK Export Finance. UKEF was able to bridge the gap, providing the necessary cover and allowing Teignbridge to win, fulfil and get paid for the order.
The cover provided by UKEF has had a dramatic impact on Teignbridge’s growth, enabling it to substantially increase shipments, secure jobs and expand into new markets. By eliminating obstacles and facilitating a smooth commercial relationship with Khulna Shipyard, UKEF’s support also paved the way for two subsequent projects, each worth £100,000, with more in the pipeline.
Ian Mills, Finance Director, Teignbridge Propellers, said:
“UKEF’s support has secured jobs in our Devon facility and has given us the confidence to explore and target new markets in the Far East. This is now bearing fruit, with new orders of over £500,000. We would definitely work with UK Export Finance again.”
Hugh Francis, Export Finance Manager for the South West region, said:
“We have been able to support Teignbridge Propellers in achieving their international export ambitions by bridging a gap in the private sector provision of finance, stepping in where other providers are unable to do so. UK Export Finance stands ready to support other UK businesses trying to grow their global footprint.”
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