County Durham-based Mill Masters International, a mechanical engineering firm, is accelerating its export trading plans after securing a new finance deal with NatWest.
The £1.1 million export trade facility was partially guaranteed by UK Export Finance (UKEF), the Government-run export credit agency; it will provide working capital to support two recent contracts.
Worth around £2 million, these contracts involve supplying core assembly machinery to assist with the production of automotive heat exchangers, such as radiators and condensers, to sites in Spain and Mexico.
Established in 2014, Mill Masters manufactures and supplies machines and tooling (
www.millmasters.com). Its annual turnover is currently £5 million, and it employs 38 people. Its UK operation is headed by Chris Harford and Peter Chappell.
The latter said: “The UK is a key strategic growth platform for Mill Masters International, and we have more than doubled our sales and export volumes over the last 12 months, creating a significant number of new jobs in the process.”
Mr Harford said: “Working with NatWest — and with the support of UKEF — we were able to secure the finance to deliver multi-million-pound export contracts and enhance our presence with key automotive industry suppliers around the globe.”