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A authorities financing assure helps award-winning steel recycling and waste administration specialist Ward supercharge its export progress and obtain its highest annual turnover but.
With the UK producing over 222 million tonnes of waste every year, recycling and waste administration are booming sectors. In addition they export to a rising worldwide market, serving to this nation handle its waste extra sustainably whereas on the identical time supporting jobs, boosting commerce and serving to to develop the financial system. That is one thing which Ward, one of many UK’s largest independently owned recycling corporations, can attest to.
The fourth-generation household enterprise achieved file turnover and worldwide gross sales in 2023 at £312m, thanks partly to backing from UK Export Finance (UKEF), the federal government division answerable for issuing loans, ensures and insurance coverage. This service is offered to make sure that no viable export fails for need of finance.
Ward specialises in steel recycling and waste administration, serving to a variety of sectors cut back their affect on the surroundings by amassing their supplies and recycling as a lot as attainable. It serves a rising export marketplace for recycled scrap steel, delivery reclaimed materials to a world shopper base.
In 2022, HSBC UK agreed to supply export funding with backing from UKEF to assist Ward develop and meet vital demand for recycled steel from purchasers in India, Pakistan, Turkey and Egypt. HSBC UK secured a mortgage assure from UKEF for an additional £9 million in financing, with the assure issued below UKEF’s Normal Export Facility product; this allowed HSBC UK to launch the funding to Ward.
Via its GEF product, UKEF supplies partial ensures to banks which assist UK exporters acquire entry to commerce finance services.
Ward has since used the extra funds to extend the quantity of steel for export which is processed and saved at its docks in Immingham and extra just lately Cardiff. This enables it to load a number of ships concurrently – every carrying as much as 20,000 tonnes of fabric – and due to this fact export extra steel in much less time. In March 2023, lower than a yr after UKEF unlocked this £9 million financing deal, Ward achieved its highest month-to-month export gross sales of metals.
Tim Reid, CEO of UK Export Finance, mentioned: “Tales like Ward’s present how UKEF, working with monetary establishments like HSBC UK, can unlock new exporting alternatives for corporations throughout the nation.
“Backed by the best financing, modern companies like Ward are supporting progress and decreasing waste within the UK while making world provide chains extra sustainable – that is one thing which we’re proud to assist”.
James Balfour, Finance Director at Ward, mentioned: “We now have seen an exceptional yr of progress since this financing was agreed. Assist from UKEF and HSBC UK has allowed us to convey our exporting enterprise to new heights, particularly in Asia and the Center-East. I’m excited to see how our workforce can construct on this success.”
Ward’s exporting success was acknowledged with a Queen’s Award for Enterprise for Excellence in Worldwide Commerce in 2022.
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