UK firm supplies £750,000 worth parts to repair Lanka railway engines

UK firm supplies £750,000 worth parts to repair Lanka railway engines

15 August 2020 11:04 am

UK: Lincoln-based diesel engine servicing and component specialist IMPS was assisted by UK Export Finance when it secured a £750,000 order to supply parts for the refurbishment of Rolls Royce engines used by Sri Lanka Railways.

IMPS is an experienced exporter, selling 75% of its products overseas and having customers in more than 50 countries. However, the size of the Sri Lanka Railways contract meant it would need to spend significant sums on hardware and supplies while awaiting payment, and so it needed a way to address the financing gap.

UKEF Regional Export Finance Manager Andy Mannix arranged a working capital loan with HSBC, enabling IMPS to go ahead with the major export order without placing a strain on its reserves.

“UKEF’s support was vital in the successful completion of this contract, we would have been unable to progress without their world leading flexible finance,” said IMPS Director Paul Wheeler. “Their support will continue to be crucial as we look to expand our reach overseas.”

Mannix said the IMPS order “showcases the significant role UKEF can play in ensuring companies across all sectors can meet their full export potential”. 

The size of the contract meant IMPS would have needed to spend significant sums on hardware and supplies while waiting to get paid. So, the company spoke to UKEF’s regional export finance manager, Andy Mannix, who arranged a working capital loan with HSBC.

The facility allowed the company to carry out the export order without placing undue strain on its reserves.

“UKEF’s support will continue to be crucial as we look to expand our reach overseas,” Paul Wheeler, Director, IMPS said.