Kelvin Hughes wins naval deal with UK finance

Posted on 12 Nov 2018 and read 1492 times
Kelvin Hughes wins naval deal with UK financeEnfield-based Kelvin Hughes, a radar technology company, has won a contract to supply an Integrated Navigation Bridge System (INBS) to the Royal New Zealand Navy (RNZN) for its new Maritime Sustainment Capability vessel.

Finding sufficient cash-flow to fulfil the contract was a challenge, but the company was able to secure an advance payment to finance the work.

In return, the RNZN required an Advance Payment Guarantee from Kelvin Hughes’s bank, which was possible with help from UK Export Finance (UKEF).

Equipped with Kelvin Hughes’s ‘state of the art’ INBS, the Aotearoa (pictured) will be the largest ship ever operated by the RNZN.

It will be constructed at the Ulsan shipyard in South Korea by Hyundai Heavy Industries and will enter service in 2020.

David Millard, Kelvin Hughes’s finance director (www.kevinhughes.com), said: “Our experience with UKEF has been fantastic.

“The process was very straightforward, and we couldn’t believe the range of support it offers.

“Having our financial package in place with the bond support guarantee that we received from UKEF gave us the competitive edge that we needed to win this contract.”

Julie Robertson, senior export finance manager for the South of England, said: “UKEF has a proud track record of helping British businesses like Kelvin Hughes to win big export contracts.

In 2017 to 2018, UKEF gave exporters based in the South East nearly £30 million of support, resulting in overseas sales worth around £145 million.

“I am delighted that our offer of financing proved so instrumental in Kelvin Hughes’s success.”

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