Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Teesside stainless steel firm grows business with £26M export finance package

by September 28, 2023
September 28, 2023
Teesside stainless steel firm grows business with £26M export finance package

A government credit guarantee has allowed Teesside stainless steel alloy inventor and manufacturer Paralloy to secure up to £26 million of a Santander UK bank guarantee facility to support the continued growth of its export business.

Announced on National Manufacturing Day, the guarantee from UK Export Finance (UKEF) – the government’s export credit agency – allows Santander UK to overwrite a previous facility and increase the amount of facility available to Paralloy from £17 million to £26 million.

The previous facility enabled Paralloy to offer bonds on its contracts, assuring potential buyers that orders would be fulfilled even in times of market uncertainty. The newly agreed package means that the manufacturer can issue £9 million more in bank guarantees than before. This will allow Paralloy to pursue an even greater range of high-value export contracts and enter new markets, partly because the funding will help the business procure inputs whose prices have risen sharply amid global economic challenges.

Thanks in part to this facility, the company anticipates creating 75 new jobs by 2024, giving a boost to local, high-skilled jobs. This is UKEF’s second guarantee issued to Paralloy through its General Export Facility (GEF), the first of which helped Paralloy create more than 100 new jobs and drive export growth up by more than £30 million.

Launched by UKEF in 2021, the GEF product provides exporters with access to flexible financing. Now available through nine financial institutions, it provided support worth £325 million to UK exporters in 2022-23, making it UKEF’s most popular product.

Tim Reid, CEO of UKEF, said: “Working alongside Santander UK, we have increased our support for Paralloy, helping it further develop its export business and support highly skilled jobs in Teesside.

“This facility expansion shows that support which we offer through our General Export Facility is versatile and open to manufacturers in every corner of the UK who want to sell to the world.”

Founded more than 90 years ago, Billingham-based Paralloy produces patented stainless steel and nickel alloy castings used in high temperature furnaces and exports its products to more than 40 countries. Key markets include North America, Europe and the Middle East.

Paralloy supplies an industrial customer base which includes producers of blue hydrogen, direct reduction of iron used in steel manufacturing and Ethylene, as well as components for industrial gas turbines and defence.

Robert McGowan, CEO of Paralloy, said: “Getting hold of the funding to cover facilities and bonds is difficult as it ties up capital that can be used to invest in growing the company. UKEF General Export Facility – both this expansion and the original funding which it replaces – has been a gamechanger.

“It’s a vital tool that has enabled us to fuel the growth of our export sales, increase our investments, win bigger contracts and employ more people.”

Mark Ling, Head of Trade Finance & Supplier Finance at Santander UK said: “We are delighted to continue supporting Paralloy’s export journey alongside the support from UKEF. The General Export Facility offers crucial support to UK businesses, and we are pleased to work with UKEF to provide this funding to Paralloy and a growing number of other companies to help fulfil their international growth ambitions.”

Read more:
Teesside stainless steel firm grows business with £26M export finance package

0
FacebookTwitterGoogle +Pinterest
previous post
Snowsports Platform Secures £2.5million in Series A Funding Round to Fuel European Growth and Enhance Customer Experience
next post
Senate unanimously passes resolution to reinstate formal dress code after Sen. John Fetterman controversy

You may also like

Autism Behavior Therapy A Comprehensive Guide

June 28, 2024

Tesco Sees Surge in Sales as Shopper Confidence...

June 16, 2024

UK’s first lithium refinery to be built in...

November 7, 2022

UK and EU to deepen AI collaboration with...

May 27, 2025

House prices holding steady to defy forecasts, Halifax...

March 7, 2023

Bernie Ecclestone pleads guilty to fraud charge after...

October 12, 2023

Google faces €25bn lawsuit in UK and EU...

September 13, 2022

Where Excellence Finds a Home

May 2, 2025

Work-Life Balance the top reason Women become entrepreneurs,...

September 4, 2023

FCA takes further action against unregistered crypto ATMs...

March 9, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • House Democrats call on Rubio to allow injured children from Gaza into US following visa halt

      August 27, 2025
    • SkyWater pitches itself as all-American firm as Trump mulls more equity deals following Intel deal

      August 27, 2025
    • 600,000 Chinese Students Would Be a Windfall for the United States

      August 26, 2025
    • EPA urged by state AGs to axe funds for ‘radical’ climate project accused of training judges

      August 26, 2025
    • ‘Doctor Strangelove with a mustache’: Bolton blasted for ‘profiteering’ off US secrets by White House advisor

      August 26, 2025
    • Bolton may be in hot water as FBI investigation expands beyond controversial book

      August 26, 2025

    Categories

    • Business (8,886)
    • Investing (2,242)
    • Politics (16,495)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved