£9m export contract for Group Rhodes
GROUP Rhodes, the Yorkshire machine manufacturer, has secured a £9m export contract.
The Wakefield-based business, which is today receiving a Queen’s Award for Enterprise in the International Trade category, gained the deal with support from UK Export Finance (UKEF).
Managing director, Mark Ridgway, who used the UK Export Finance Bond Support Scheme to tackle large scale projects in Asia, said: “This contract is really significant for a company our size. It’s fair to say that, without the benefit of UKEF’s Bond Support Scheme, we simply wouldn’t have been able to commit to such an ambitious project.”
The contract is for an integrated hot forging line including robotic handling supplied by group company Rhodes Technical Services (RTS) of Stockport. As part of the agreement, Group Rhodes, which operates from its 8-acre site in West Yorkshire, needed to provide the buyer with a £2.7m guarantee against the advance payments it had received, along with a £450,000 performance guarantee.
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The UKEF Bond Support Scheme helps to increase the amount of working capital available to an exporter and to increase the size of the available bonding facility with their respective bank.
Mr Ridgway added: “We have been delighted with the support that UKEF has given us to help secure this contract. The process was smooth and efficient, and we look forward to using their services again soon.”
Jim Keir, manager of UK Regions at UK Export Finance, said: “The Bond Support Scheme was designed to help with contracts of this nature and we are delighted to have played our part in securing this contract for one of the region’s key exporters.”
UK Export Finance, a government department, is the UK’s export credit agency, helping exporters and investors by providing credit insurance policies, political risk insurance on overseas investments and guarantees on bank loans. UK Export Finance is the operating name of the Export Credits Guarantee Department (ECGD).
For more information on UKEF, visit www.ukexportfinance.gov.uk
Group Rhodes member companies include Joseph Rhodes, Rhodes Interform, Rhodes Technical Solutions, Slater & Crabtree, Beauford Engineers, HME, Bentley, Dualform, Cowlishaw Walker, John Shaw, Chester Hydraulics, Henry Berry, Fielding & Platt, Berry Refractories, Craven Fawcett and Hallamshire Engineering.
