A Black Country manufacturer is the first UK company to benefit from a new financing offer from the UK Export Finance government agency.
Kingswinford-based Simworx has received a new, undisclosed financing package through the initiative to help companies grow their international sales.
The company designs, develops and manufactures media-based attractions such as 4D cinemas for theme parks and entertainment industries with clients in the UK and countries such as Malaysia, New Zealand and Vietnam.
The company employs 30 people in the West Midlands, with international trade accounting for 90 percent of its sales.
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The company recently completed the first general export facility, a program first unveiled in December by UK Export Finance, with support from HSBC UK, where 80 percent of all finance facilities offered by a bank are guaranteed to cover export costs.
The aim of the program is to make it easier for small UK businesses with export plans to access financial assistance.
The new funding from HSBC UK will provide Simworx with additional working capital, which will help ease cash flow constraints resulting from the pandemic and increase prepayment guarantees on secure and completed overseas contracts worth up to £ 8 million.
Terry Monkton, CEO of Simworx, said, “There is no greater thrill than developing an idea for an attraction, seeing it built and installed, and then seeing people react.
“While covid-19 presents a number of extraordinary challenges for our business and the leisure and entertainment industries as a whole, we are now seeing a healthy return from inquiries from our partners around the world.
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On the subject of matching items
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On the subject of matching items
“We are very grateful to be the first export company in the UK to benefit from the new system introduced by UK Export Finance.”
HSBC UK Commercial Director Ian Tandy added: “Businesses have faced major challenges since the pandemic began. This is a clear example of the importance of exports to economic recovery and future growth.
“We are proud to partner with UK Export Finance to assist some of the UK’s leading companies who are committed to overseas growth in executing their long-term strategies.
“The UK is home to some of the most innovative companies in the world and it is good to see that recent challenges have not dampened our appetite for success on the global stage.”