Devon-based Teignbridge Propellers International produces propellers and sterngear for small- to medium-size boats.
The company, which has been operating for 45 years, exports around 80% of its products to customers across the world. As a major exporter, it has a commercial insurance policy, which normally provides the necessary insurance for Teignbridge’s export orders.
However, it was unable to obtain commercial credit insurance for an order from a new customer in Bangladesh that wanted to purchase propellers for its ferries. Teignbridge turned to UK Export Finance, which provided the cover that the company needed for the contract, allowing it to proceed with the order.
The cover we provided enabled Teignbridge to increase shipments by £300,000 and this has had a dramatic impact on the company’s growth, allowing it to secure jobs and target new markets.
Ian Mills, Teignbridge Propellers finance director, said: “UKEF’s support has secured jobs in our Devon facility and has given us the confidence to explore and target new markets in the Far East. This is now bearing fruit now with new orders of over £500,000.”