UK Export Finance helps Manchester events firm expand in Gulf
The opening of WRG´s offices in Doha in 2009 placed the company
in the perfect position to pitch for a number of high-profile
events, including the 20th World Petroleum Congress and the Arab
Games. But the contracts for these events demand both performance
and advance payment guarantees.
Lloyds had supported WRG since July 2006, but regional trade
director Martin Morgan realised that the scope for WRG to win
additional contracts meant that the company could need extra
"We knew from the outset that we were looking at potentially
significant numbers in terms of bank guarantees. On one project
alone, the guarantee needs were around £2 million. What we didn´t
want to happen was for us to support WRG with guarantees on the
first contract they secured and then to discover that they had been
awarded another two or three - which their facilities were not
sufficient to meet."
As one of the founding signatories of UK Export Finance´s bond
support scheme, part of the Government-backed drive to boost UK
exports, Lloyds saw the potential benefits for WRG.
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