Hertfordshire firm PJ Valves achieves success with UKEF support
Industrial valve supplier, PJ Valves, met bond requirements and protected cash flow thanks to UK Export Finance (UKEF).
| About the transaction: PJ Valves | |
|---|---|
| Region | Hertfordshire |
| Sector | Energy: valve supplier |
| Export destinations | Various |
| UKEF support | Bond support scheme |
PJ Valves had a number of overseas contracts on their order books and a large amount of cash tied up in deposits. This was because their project sponsors required a contract bond to reassure the buyer that their supplier would fulfil the contract. Their bank was able to issue contract bonds on PJ Valves’ behalf but required a deposit to do so, limiting the company’s cash flow.
Under our bond support scheme, we can help by providing an exporter’s bank with a guarantee for up to 80% of the value of the bond, freeing up the exporter’s cash deposit.
PJ Valves has worked with UKEF to ensure that its cash flow is not affected by bond requirements. Since 2015, we have provided guarantees for more than 20 of PJ Valves’ contracts, freeing up millions of pounds for the company to pursue and take on other business.
Philip Goodmaker, Group Finance Director at PJ Valves, said:
A major factor in our ability to grow our overseas sales has been the support of UK Export Finance… By working with UKEF, PJ Valves is continuing to grow its market share in the oil and gas sector. With a steady recovery in the industry and our strong performance, the future is bright for PJ Valves.
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