Nottinghamshire firm secures pipeline CCTV contract
Ziztel fulfils $1.7 million contract with Chinese pipeline company with UKEF support.
| About the transaction: Ziztel | |
|---|---|
| Region | Nottinghamshire |
| Sector | Defence and security: CCTV systems |
| Export destination | China |
| UKEF support | Bond Support Scheme |
Ziztel was awarded a $1.7 million contract with a large pipeline company in China to deliver a CCTV system for a project in Iraq. This was a considerable revenue boost for the company, but the contract required both a performance bond and a warranty bond that had to be issued by Lloyds Bank on Ziztel’s behalf.
With an 80% guarantee under its Bond Support Scheme, UK Export Finance (UKEF) ensured that Lloyds Bank was able to issue the contract bonds. This meant Ziztel was able to maintain the working capital needed to fulfil the contract. As a result of our support, Ziztel was able to meet and exceed its objectives for revenue growth, while also gaining new exposure for the business in growing markets.
Georgina Arnett, Financial Controller, Ziztel, said:
We were delighted to learn that UKEF support was available to help us, and relieved that their quick turnaround enabled us to secure this significant contract. The guidance we received has been invaluable, and the support has allowed us to gain a new customer and maintain our targets for growth.
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