UKEF helps Lincoln exporter secure £750,000 worth of overseas business
Working capital scheme secures Sri Lankan railway refurbishment order.
| About the transaction: IMPS | |
|---|---|
| Region | Lincoln |
| Sector | Manufacturing |
| Export location | Sri Lanka |
| UKEF support | Export working capital |
Lincoln-based IMPS is a diesel engine specialist offering service and parts for engines. An experienced exporter, the company sells 75% of its products overseas with customers in over 50 countries.
When IMPS needed to fulfil a contract in Sri Lanka, it turned to UKEF for support. The company had secured a large order to supply parts for the refurbishment of Rolls Royce engines used on Sri Lankan railways.
The size of the contract meant IMPS would have needed to spend significant sums on hardware and supplies while waiting to get paid. So, the company spoke to UKEF’s regional export finance manager, Andy Mannix, who arranged a working capital loan with HSBC.
The facility allowed the company to carry out the export order without placing undue strain on its reserves.
Paul Wheeler, Director, IMPS said:
UKEF’s support was vital in the successful completion of this contract, we would have been unable to progress without their world leading flexible finance. Their support will continue to be crucial as we look to expand our reach overseas.
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