PCT Group fulfils $5.46 million contract with UKEF and bank support
Glasgow-based firm secures Samsung Heavy Industries export contract with support from UK Export Finance and Clydesdale Bank.
| About the transaction: PCT Group | |
|---|---|
| Region | Scotland |
| Sector | Manufacturing: material handling equipment |
| Export destination | Various |
| UKEF support | Bond support scheme |
When PCT won a contract with Samsung Heavy Industries worth US$5.46 million, it was asked to provide performance and warranty bonds from its bank. The cash deposit required could have been a drain on PCT’s working capital and so PCT turned to UK Export Finance (UKEF) for a solution.
Working with PCT’s bank, Clydesdale, we were able to unlock the working capital the company needed to fulfil the order. By providing Clydesdale with guarantees on the bonds issued to Samsung, we removed the need for PCT to tie up necessary working capital by way of cash backed security. In addition, Clydesdale was able to provide PCT with a working capital loan, guaranteed by us – a first for the bank.
Director of PCT Group, Brian Lemond, said:
When we won this contract with Samsung, UKEF’s support was invaluable, helping us make sure we had the resources to benefit fully from the significant business win. By helping us, UKEF was playing its part in supporting the UK’s manufacturing industry, and I’d recommend working with them to any company looking to realise opportunities abroad.
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