Funding package helps Devon manufacturer secure biggest ever export win

A designer and manufacturer of cooling systems has delivered a £1.1 million export order to South Korea thanks to a warranty bond from Lloyds Bank.

Green Resource Engineering (GRE), of Willand in Devon, won the contract to supply a large cooling system to the country’s largest smart energy supplier, which marks the first time GRE has exported directly to South Korea.

The system will help guarantee the efficient distribution of power to homes across the country, but to fulfil the contract, GRE needed a £170,000 warranty bond to enable it to meet the client's commercial requirements.

GRE-1-700

Revenue boost

GRE’s exporting activity is set to boost annual turnover by 20 per cent, from £2.5 million to more than £3 million, and increase its head count by 10 per cent.

Jobs will be created in the workshop and purchasing departments, alongside additional graduate engineering roles.

"This deal has already led to further work and will help us establish a long-term presence in this part of the world."

Richard Booth, director, GRE

"We’re experiencing a strong worldwide demand for British engineering and are unlocking increasing opportunities in numerous markets.

"The products we manufacture are high value and exporting these to other countries can be a complicated, time-consuming process. The team at Lloyds Bank fully understands the requirements and has been incredibly supportive."

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"Expanding GRE’s exporting activity to South Korea is one of many strategic steps that is enabling it to access new contract opportunities."

Andrew Blanchard, relationship manager at Lloyds Bank Commercial Banking

Helping navigate new terrain

Andrew Blanchard added: “We want to support smaller manufacturing businesses, like GRE, as they navigate new terrain both domestically and internationally.

"That’s why we’ve provided more than £4billion of funding to the manufacturing sector, beating our four-year commitment six months early."

All lending is subject to status.

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