Trading Overseas
UK Firm Has It In The Can
Despite UK exporters’ frustration at the red tape surrounding international
trade one UK firm has recently doubled the size of its premises and added a
third company to its portfolio thanks to successful overseas
expansion.
Managing director Ian Williams established TG Can Technology six years ago
to deliver high-precision tooling and machinery to the UK can packaging
industry. He has recently expanded his business into overseas
markets, hoping to capitalise on increased trading opportunities and stay
ahead of the competition.
In the early stages of expansion TG Can Technology experienced difficulties
with slow paying customers – something that troubles many UK exporters, as
non-European organisations tend to have longer payment periods than the
UK’s typical 30 days. This coupled with the inevitable language,
cultural and legal differences as well as the logistics of getting goods
delivered to customers on time as goods can be delayed by several weeks
while in transit and going through customs.
Ian said: “We were funding our overseas business through our bank overdraft
but we found that we constantly hit ceilings, it just wasn’t flexible
enough to keep pace with our growing overseas business.”
Ian investigated alternative options and identified Export Factoring: “It
seemed like the perfect solution for us and we chose to work with Bibby
Financial Services because it offered the most flexible, comprehensive
service. We benefit from receiving funding up to 85% of the value of
our export invoices as we raise them and the collections service means
customers deal with us in their language and can pay funds into their local
bank. It makes it easy for our customers to buy from us and that’s
really important when operating in competitive markets.
“Export Factoring is in my opinion the most effective solution to funding
overseas trade. We have a flexible supply of funds and more time
to invest in growing our business. Our latest venture just wouldn’t
have been possible without this invaluable service.”
