July 16, 2024


Discover The Difference

UKEF safeguards advertising and marketing company’s income with insurance plan protect – Case examine

About the transaction: TravelBeat
Location London
Sector Promoting
Export site Numerous
UKEF support Export Insurance plan Plan

TravelBeat is a multi-award winning London-primarily based advertising and marketing corporation with consumers in a array of sectors together with the arts, society, sports activities and vacation. Nevertheless a compact group, TravelBeat is an professional exporter with around fifty percent of its revenue coming from overseas organization.

The outbreak of COVID-19 led to world-wide travel constraints, which affected many of TravelBeat’s clients. The uncertainty bordering the vacation field meant non-public sector underwriters wouldn’t deal with in opposition to buyer default. The uncertainty intended that TravelBeat were being confronted with performing enterprise with no any assure that they’d get paid – putting a substantial quantity of earnings at risk.

Right after hearing about British isles Export Finance, the government’s export credit company, they approached their local UKEF adviser for assistance. A latest adjust in UKEF’s Export Insurance coverage Policy permitted us to insure exports to the EU & United states of america, this means we could protect many of TravelBeat’s exports.

As a final result, UKEF protected six of TravelBeat’s export contracts in Europe and United states, which in turn intended the business could continue growing internationally with self-confidence. The company has because secured a new shopper in Italy soon after buying and selling with this extra security.

Lisa Maddison-Brown, Export Finance Supervisor for Kent, East Sussex and West Sussex, said:

UKEF is right here to aid providers in a range of sectors and industries, including internet marketing and travel. I would urge any individual fascinated in exporting but concerned about limitations to finance to speak to their nearby UKEF adviser to obtain out how we can aid.

Symeon Vasileiadis, Taking care of Director, Travelbeat, explained:

UKEF’s support has been essential for us. Without the need of their address, we would have been unable to proceed our worldwide expansion. I look ahead to operating with UKEF in the long run as we search to extend the perform of the company internationally.

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