Manufacturer Meltog signs £400,00 Saudi Arabia deal thanks to finance deal

The Leeds-based producer of can-making equipment and waste recycling equipment used in industries including food packaging and recycling, sees as much as half of its £2.5m turnover come from exports. With support from UK Export Finance and Lloyds Banking Group, Meltog was able to access working capital to fulfil a major £400,000 export order with a new customer, a major food processing and packaging group based in Saudi Arabia.

This represented a significant boost to the company’s revenue but the size of the order meant the deal could create cashflow pressures, so Meltog had to explore its financing options.

UK Export Finance (UKEF), the UK’s export credit agency, and Lloyds Banking Group, Meltog’s bank, were approached and Lloyds was able to give Meltog a working capital loan of £90,000, supported by additional security provided by UKEF in the form of a guarantee.

Meltog’s Julian Heyworth said: “The support of Lloyds Banking Group and UK Export Finance has been invaluable for us with our new customer in Saudi Arabia. Having financial flexibility can make all the difference when looking to secure orders and Lloyds and UK Export Finance working together have provided a solution that works for us.”

Paul Wright, Export Finance Manager for Yorkshire, said: “UKEF is here to help businesses of all sizes and in all sectors realise their ambitions to sell overseas and this is a great example of UK Export Finance working with a bank to increase the level of funding available to help an exporter pursue export opportunities.”