A authorities financing assure helps award-winning metallic recycling and waste administration specialist Ward supercharge its export development and obtain its highest annual turnover but.
With the UK producing over 222 million tonnes of waste annually, recycling and waste administration are booming sectors. Additionally 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 economic 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 report turnover and worldwide gross sales in 2023 at £312m, thanks partly to backing from UK Export Finance (UKEF), the federal government division chargeable for issuing loans, ensures and insurance coverage. This service is accessible to make sure that no viable export fails for need of finance.
Ward specialises in metallic recycling and waste administration, serving to a variety of sectors scale back their impression on the surroundings by accumulating their supplies and recycling as a lot as potential. It serves a rising export marketplace for recycled scrap metallic, transport reclaimed materials to a world consumer base.
In 2022, HSBC UK agreed to offer export funding with backing from UKEF to assist Ward increase and meet important demand for recycled metallic 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 Basic Export Facility product; this allowed HSBC UK to launch the funding to Ward.
Via its GEF product, UKEF offers partial ensures to banks which assist UK exporters achieve entry to commerce finance amenities.
Ward has since used the extra funds to extend the quantity of metallic 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 metallic 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, stated: “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 proper financing, revolutionary companies like Ward are supporting development and lowering waste within the UK while making world provide chains extra sustainable – that is one thing which we’re proud to help”.
James Balfour, Finance Director at Ward, stated: “We’ve seen an outstanding yr of development since this financing was agreed. Help from UKEF and HSBC UK has allowed us to deliver our exporting enterprise to new heights, particularly in Asia and the Center-East. I’m excited to see how our staff 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.