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

Future Retirement Success

Business

UKEF support helps UK boat manufacturer charter new waters

by June 13, 2023
June 13, 2023
UKEF support helps UK boat manufacturer charter new waters

A Wirral-based specialist manufacturer of boats serving search and rescue, defence and security sectors has won major international contracts after receiving £5 million in support through UK Export Finance (UKEF).

Marine Specialised Technology Group (MST) designs, manufactures and maintains rigid-hulled inflatable and high-speed workboats for use worldwide.

Through UKEF’s General Export Facility (GEF) scheme, MST received a £5 million loan from NatWest bank. This working capital means that MST can access the bond lines and advanced payment guarantees it needed to win new, high-value contracts in Ireland and Italy, the latter of which is a new market for the manufacturer. Entry into the Italian market – one of Europe’s major shipbuilding economies – is a significant achievement for the business.

Opening the 2023 SeaWork Commercial Marine Exhibition in Southampton – the largest event of its kind in Europe – Minister of State at the Department for Business and Trade Nusrat Ghani said: “Shipbuilding is an integral part of the UK’s industrial heritage, which is why we want to create more investment and export opportunities in the sector.

“We are proud to have worked with UKEF to provide MST with the financial backing to win major new contracts across Europe, helping to create jobs, pay higher wages and grow the economy.”

The UKEF support also enabled contracts with major Dutch shipbuilder Damen Group to supply boats for naval frigates which Damen Naval is building. MST’s contribution will include ‘Fast Raiding, Intervention and Special Forces Craft’ and ‘Integrated Logistics Support’ packages.

Ben Kerfoot, Managing Director of Marine Specialised Technology Group, said: “UKEF’s support has been absolutely vital in our recent successes and growth as a business. Since receiving support from UKEF, we have been able to win contracts we never would have been able to consider before and enter new markets. It’s an incredibly exciting time for MST and we’re looking forward to the future.”

The GEF financing was supplied through NatWest bank.

Ian McGee, Relationship Director at NatWest, said: “We’re delighted to have been able to support MST to access the right funding package to facilitate their growth ambitions. It’s a fantastic UK success story to see them winning high-value contracts in overseas markets from their base in the Wirral and I look forward to continuing to work with all of the team at MST and supporting the business to thrive.”

Launched by UKEF in 2021, the GEF product provides exporters with access to flexible financing and has already unlocked over £180 million of working capital loans to UK businesses – 92% of which has gone to small and medium enterprises like MST.

This is just one example of how government support for a range of manufacturers – including boat-builders like MST as well as large ship-yards – is helping to realise the National Shipbuilding Strategy target of a 45% increase in UK marine engineering exports between 2022 and 2030. In September 2022, UKEF similarly provided £3 million in support to Parkol Marine Engineering, a family-owned shipbuilding business based in Yorkshire, to help it secure exporting opportunities in Ireland.

Read more:
UKEF support helps UK boat manufacturer charter new waters

0
FacebookTwitterGoogle +Pinterest
previous post
Biden admin confident it can protect America’s secrets after reports of China spy base in Cuba
next post
New CBI boss to face questions from MP’s over future of lobby group

You may also like

Fashion Accessories Best Suited for Latex Clothing

February 5, 2025

How Is AI Changing Retail: 13 Trends Reshaping...

July 15, 2024

Forward-thinking boss transfers company to employees to provide...

September 9, 2022

UK inflation set for sharp rise in April...

May 19, 2025

Carmakers face further hurdle as pound falls

September 29, 2022

Guide to safe and ethical use of facial...

April 11, 2024

Yodel creates more than 2,000 roles as it...

September 11, 2023

Scrapping VAT-free shopping for tourists costs UK £11bn

January 31, 2024

M&S shifts up a gear with sewage-powered lorries...

January 15, 2025

What businesses can expect from the new Labour...

July 5, 2024

    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

    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025
    • House witness flips script on Dem who ambushed him during hearing with unearthed tweet: ‘Iceberg is ahead’

      June 7, 2025
    • Call with China’s Xi, and Trump-Musk exchange fueled barbs during 20th week in office

      June 7, 2025
    • Trump’s conservative allies warn Congress faces critical ‘test’ with $9.4B spending cut proposal

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,568)
    • Stocks (3,136)
    • 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