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UK Export Finance helps Manchester events firm expand in Gulf

Manchester-based events firm win new business in Qatar thanks to export guarantees.

This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

UK Export Finance has worked with Lloyds Bank to help Manchester-based WRG Creative Communication win new business in Qatar.

The opening of WRG鈥檚 offices in Doha in 2009 placed the company in the perfect position to pitch for a number of high-profile events, including the 20th World Petroleum Congress and the Arab Games. But the contracts for these events demand both performance and advance payment guarantees.

Lloyds regional trade director Martin Morgan realised that the scope for WRG to win additional contracts meant that the company could need extra facilities.

He said:

鈥淲e knew from the outset that we were looking at potentially significant numbers in terms of bank guarantees. On one project alone, the guarantee needs were around 拢2 million. What we didn鈥檛 want to happen was for us to support WRG with guarantees on the first contract they secured and then to discover that they had been awarded another two or three 鈥 which their facilities were not sufficient to meet.

鈥淲e saw UK Export Finance鈥檚 new scheme is a huge step forward in terms of boosting exports. Often contracts can be quite large in relation to a company鈥檚 business, which can sometimes prevent businesses from pitching because the size of facilities they鈥檇 require to guarantee the deal would be prohibitive. This scheme helps to break down that barrier to business.鈥

WRG鈥檚 finance director Steve Kinsey said:

鈥淚n simple terms, it means that we鈥檙e able to take on more business. We鈥檙e comfortable that we have the facility to meet the requirements of those individual contracts, which combined are worth in excess of 拢8 million to WRG.鈥

UK Export Finance chief executive Patrick Crawford said:

鈥淯K Export Finance鈥檚 role is to give British exporters the support they need to make the most of their export opportunities, so they grow their business and the UK economy. I鈥檓 very pleased we were able to work with Lloyds to help WRG win this important business.鈥

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Published 26 January 2012