UK Export Finance (UKEF) helps family-owned company access the finance it needed to fulfil a contract with the United Nations.
Wyedean Weaving is a 160-year-old supplier of uniforms and accessories that exports to 60 countries worldwide. Founded in 1864 by David Wright and now involving the fourth generation of the Wright family, Wyedean exports to 60 countries and is famed for supplying uniforms and a wide range of accessories for the UK Army, the Royal Navy, the Royal Air Force, other uniformed services abroad, the United Nations, the Metropolitan Police and the London Fire Brigade.
When the company won contracts to supply textile badges for United Nations (UN) peacekeepers’ uniforms, it was asked to provide a performance guarantee from its bank. In return, the bank asked for a cash deposit which would have reduced the funding available for other business activities. With the benefit of a guarantee under UK Export Finance Bond Support Scheme Natwest was able to issue the performance bond without restricting the funding available to the business.
Robin Wright, Managing Director of Wyedean, said:
Without UKEF’s support, we would have had difficulty fulfilling these contracts, and may have turned away a customer. Working with Natwest and UKEF meant that we were able to access the finance we needed to sell to the UN and increase our revenue by £1.2m over the next 3 years.
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