A Devon propeller manufacturer has secured an export order from Bangladesh – a new customer purchasing propellers for its ferries.

Teignbridge Propellers International, which has been operating for 45 years, produces units for small to medium sized boats. Around 80% of its products are exported to customers around the world.

As a major exporter, the company has a commercial insurance policy, which normally provides the necessary insurance for Teignbridge’s export orders.

However, it was unable to obtain commercial credit insurance for an order from the new Bangladeshi customer. Teignbridge turned to UK Export Finance (UKEF), which provided the cover that the company needed for the contract, allowing it to proceed with the order.

The cover UKEF provided enabled Teignbridge to increase shipments by £300,000. This has had a dramatic impact on the company’s growth, allowing it to secure jobs and target new markets.

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 now with new orders of over £500,000.”

Putting the right finance and insurance in place can give manufacturers the exporting edge, helping to win contracts, fulfil orders and get paid. Click the link below to tell UKEF about your business.

UKEF
www.great.gov.uk/get-finance

Tags

UK Export Finance (UKEF) Exporting Marine Industry

Related Articles

Most recent Articles