A defence business that works with navies from NATO countries and allied nations has received an export finance facility worth £2.4m to expand further in international markets.
Leafield Logistics secured the funding from the government’s UK Export Finance (UKEF) credit agency to free up its cashflow and support its growth.
The firm, based in Colerne, pictured, and employing 15 people, helps boost maritime defence systems by providing parts to navies to ensure their equipment is safe and efficient.
Leafield Logistics has secured several major contracts over the last year and plans to pursue more export contracts as a result of UKEF’s support. Overseas sales currently make up more than 90% of the its operations.
Established 30 years ago, the firm initially managed the disposal of surplus naval material from the Ministry of Defence.
It now has existing relationships with 16 navies across the globe, providing them with supply chain management, ship component repairs, solutions development and overall consultancy.
UKEF’s funding will enable to extend its reach and depth over the next few years by bolstering its working capital cycle, allowing it to support more deals internationally and take on larger contracts which otherwise would stretch its working capital.
UKEF’s support has already helped the business to win a contract to replace the gas turbines of two NATO navy ships.
Managing director Jon Webster said: “Our business is one that is international by nature. UKEF’s support has helped us to reinforce our cashflow so that we can continue bringing British naval expertise to the rest of the world, whether through spare part sourcing, manufacturing or our solutions development offering.”
UKEF works alongside the Department for International Trade as an integral part of its strategy and operations.
Established in 1919, its mission is to advance prosperity by ensuring no viable UK export fails for lack of finance or insurance, doing that sustainably and at no net cost to the taxpayer.
