PCT Group fulfils $5.46 million contract with UKEF and bank support
Glasgow-based firm secures Samsung Heavy Industries export contract with support from UK Export Finance and Clydesdale Bank.
| About the transaction: PCT Group | |
|---|---|
| Region | Scotland |
| Sector | Manufacturing: material handling equipment |
| Export destination | Various |
| UKEF support | Bond support scheme |
When PCT won a contract with Samsung Heavy Industries worth US$5.46 million, it was asked to provide performance and warranty bonds from its bank. The cash deposit required could have been a drain on PCT鈥檚 working capital and so PCT turned to UK Export Finance (UKEF) for a solution.
Working with PCT鈥檚 bank, Clydesdale, we were able to unlock the working capital the company needed to fulfil the order. By providing Clydesdale with guarantees on the bonds issued to Samsung, we removed the need for PCT to tie up necessary working capital by way of cash backed security. In addition, Clydesdale was able to provide PCT with a working capital loan, guaranteed by us 鈥� a first for the bank.
Director of PCT Group, Brian Lemond, said:
When we won this contract with Samsung, UKEF鈥檚 support was invaluable, helping us make sure we had the resources to benefit fully from the significant business win. By helping us, UKEF was playing its part in supporting the UK鈥檚 manufacturing industry, and I鈥檇 recommend working with them to any company looking to realise opportunities abroad.
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