UK Export Finance aids recycling company’s success
A government financing guarantee has given a boost to Ward, a company in metal recycling and waste management.
UK Export Finance (UKEF) is a government department that provides loans, guarantees, and insurance to ensure that feasible exports aren’t hindered due to financial limitations.
In 2023, Derbyshire-based Ward, a family business now in its fourth generation, achieved an annual turnover of £312 million partially due to the support from UK Export Finance.
Ward specialises in recycling metal and managing waste, helping various sectors minimise their environmental footprint by collecting and recycling materials extensively.
They cater to an expanding global market for recycled scrap metal, shipping these materials to clients worldwide.
Starting in 2022, HSBC UK teamed up with UKEF to help Ward grow and satisfy the high demand for recycled metal from clients in India, Pakistan, Turkey, and Egypt.
UKEF provided a loan guarantee to HSBC UK for an additional £9m in funding, this guarantee enabled HSBC UK to provide the necessary funds to Ward.
UK Export Finances general export facility product works by giving partial guarantees to banks. This approach aids UK exporters in obtaining trade finance resources to support their ventures.
Tim Reid, CEO of UK Export Finance, said: “Stories like Ward’s show how UKEF, working with financial institutions like HSBC UK, can unlock new exporting opportunities for firms across the country.
“Backed by the right financing, innovative businesses like Ward are supporting growth and reducing waste in the UK whilst making global supply chains more sustainable – this is something which we are proud to support.”
