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News 13

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 facilities.

Martin said:

"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.

To read the full artivle, please click here

Source - http://7thspace.com/

 

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