Partner Article

UKEF provides almost half of North East export support

UK Export Finance (UKEF), the UK’s export credit agency, provided over £7m in support for nearly £16m of exports in the North East from April 2015-March 2016.

Releasing its annual report and accounts, the department has supported the largest number of exporters in 25 years in 2015/16 across the UK, with a 23% increase since last year. 77% of the exporters that benefited from finance and insurance from UKEF were small or medium-sized enterprises (SMEs), and an estimated 7,000 companies in exporter supply chains also indirectly benefited.

Companies supported include Pinnacle Re-Tec, a Co. Durham-based engineering and manufacturing firm specialising in pump parts and reverse engineering for whom exports make up 65% of sales.

When Pinnacle identified some large opportunities with two Egyptian buyers in the electricity sector, it was able to secure additional funding from its bank, supported by UKEF, enabling it to win and fulfil the contracts.

Toby Heintz, Managing Director of Pinnacle Re-Tec, said: “Without UKEF’s support, we could not have fulfilled these contracts, and we would have had to turn away customers. Working with UKEF meant that we were able to access the finance we needed to sell to Egypt and increase our revenue by £900,000.”

Paul Wright, Export Finance Adviser for the North East, said: “UKEF is here to help make exports happen. Our support for companies like Pinnacle Re-Tec in the North East shows how we can help UK businesses realise their ambitions to grow by selling overseas.”

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