London popcorn maker pops into Saudi Arabia with government insurance
Government-backed insurance enables Joe & Seph's to secure a £100,000 order from one of Saudi Arabia’s largest supermarkets.
- Joe & Seph’s now exports its gourmet popcorn to 32 countries and employs over 60 people at its London headquarters
- The business is targeting further growth in the US, Middle East and Singapore
London-based popcorn maker Joe & Seph’s has secured a £100,000 contract to Saudi Arabia, backed by an Export Insurance Policy from UK Export Finance (UKEF), the government’s export credit agency.
Founded in 2010 by Joseph Sopher, Joe & Seph’s has quickly become established as a premium popcorn brand, known for its oven-baked approach and caramel coatings made with West Country butter. The family-run, independent business now employs over 60 staff and has won more than 100 Great Taste Awards.
As the business looked to grow its presence in the Middle East, it identified an opportunity with Panda, one of Saudi Arabia’s largest supermarket chains. However, taking on a £100,000 order in a new market carried a level of risk that an SME like Joe & Seph’s could not accept without additional protection.
UKEF’s insurance covered 80% of the order against the risk of non-payment, giving Joe & Seph’s the confidence to accept the contract and deliver its largest export to date.
Hitesh Patel, Export Finance Manager at UKEF, said:
It’s been a pleasure working with Joe & Seph’s to help them pursue a transformative opportunity with our export insurance. It’s a great example of how UKEF can help SMEs scale up.
Joe & Seph’s now exports to 32 countries, including growing markets in the US, Hong Kong, Australia and Europe, and is targeting continued growth in the US, Middle East and Singapore.
Paul Sopher, Director at Joe & Seph’s, said:
UK Export Finance’s support gave us the confidence to accept our largest order ever, without which we simply couldn’t have taken on the risk. It’s been fantastic to have a partner who understands the challenges facing a small business like ours and helps us seize opportunities we’d otherwise have had to turn down.
Smaller businesses like Joe & Seph’s are central to UKEF’s plan to boost UK exports. Over the last financial year, UKEF provided over £11 billion in loans, guarantees and insurance to help UK companies export and grow, supporting up to 85,000 jobs and contributing up to £6.4 billion to the economy.