UK Export Finance and White Light: supporting services sector exports
We helped production services provider White Light access financing to take on an international contract that increased turnover.
| About the transaction: White Light | |
|---|---|
| Region | London |
| Sector | Creative industries: event production/management |
| Export destination | Middle East |
| UKEF support | Bond support scheme |
In 2016, White Light won a major contract with a theme park in the Middle East. It was an opportunity for the production services specialist to grow its turnover by over 20%. However, under the contract, the buyer required an advance payment guarantee and a performance bond from White Light’s bank, HSBC.
By working with us alongside their bank, HSBC, White Light found a solution. HSBC approached us to provide a government-backed guarantee to the bank for 80% of the bond, freeing up White Light’s working capital to undertake the contract.
Fiona Wood, Finance and Commercial Director at White Light, said:
Without the support of UKEF, we would not have been able to undertake this major contract and would have lost out on an opportunity to build on our recent growth and add a further 20% increase in revenue. As we continue to grow our overseas business, working with UKEF will give us confidence that we will be able to realise each opportunity.
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