Bridgwater-based
Vapormatt, a world-leading developer of wet-blasting technology, has increased its turnover by 40% with the help of UK Export Finance (UKEF). The company sells it technology to large automotive and aerospace manufacturers world-wide and the USA and Europe are its two largest markets.
Vapormatt initially contacted UKEF after winning a large contract with a global US tooling manufacturer based in Pennsylvania. Vapormatt was asked to provide a bond to secure the contract, which would have placed a significant strain on its cash reserves.
Hugh Francis, UKEF’s regional export finance manager, suggested the company use UKEF’s bond support scheme which enables UKEF to underwrite 80% of commercially issued bonds guarantees.
Working with Lloyds, UKEF was able to free up funds that would have otherwise been spent on guarantees. Vapormatt has since gone on to use the scheme a further six times increasing its turnover by up to 40%.
Helen Brown, Vapormatt finance director, said: “Without UKEF we would not have been able to fulfil these contracts; their support has been invaluable in our overseas expansion. We look forward to working with them again.
Hugh Francis, export finance manager, said: “Vapormatt’s experiences demonstrate the difference that export finance can make to a company. UKEF can help UK businesses make the most of their export potential.”