Leeds-based manufacturer Meltog secures £400,000 export order
With support from UKEF and Lloyds Banking Group, Meltog was able to access working capital to fulfil a major export order to Saudi Arabia.
| About the transaction: Meltog | |
|---|---|
| Region | Leeds |
| Sector | Manufacturer: Industrial recycling machinery |
| Export destination | Saudi Arabia |
| UKEF support | Export working capital scheme |
Leeds-based manufacturer Meltog secured a £400,000 order with a new customer, a major food processing and packaging group based in Saudi Arabia. It represented a significant boost to the company’s revenue. However, because of the size of the order, manufacturing the machinery would create cashflow pressures, so Meltog had to explore its financing options.
We worked with Lloyds Banking Group, Meltog’s bank, to provide a solution. Lloyds was able to give Meltog a working capital loan of £90,000, supported by additional security provided by UKEF in the form of a guarantee under our working capital scheme. With this cashflow support, Meltog was able to fulfil the major order at the same time as financing other business activities.
Meltog’s marketing director, Julian Heyworth, said:
The support of Lloyds Banking Group and UKEF has been invaluable for us with our new customer in Saudi Arabia. Having financial flexibility can make all the difference when looking to secure orders and Lloyds and UKEF working together have provided a solution that works for us.
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