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About the transaction: Teignbridge Propellers International
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Region
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Newton Abbot, Devon
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Sector
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Manufacturing - propellers and stern gear
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Project location
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Bangladesh
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UKEF support
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Export Insurance Policy
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Teignbridge Propellers International is a manufacturer based in
Devon. It produces propellers and sterngear for small to medium
sized boats. The company, which has been operating for 45 years,
exports around 80% of its products to customers across the world.
As a major exporter, it has a commercial insurance policy, which
normally provides the necessary insurance for Teignbridge’s
export orders.
However, it was unable to obtain commercial credit insurance for
an order from a new customer in Bangladesh that wanted to
purchase propellers for its ferries. Teignbridge turned to UK
Export Finance, which provided the cover that the company needed
for the contract, allowing it to proceed with the order.
The cover we provided enabled Teignbridge to increase shipments
by £300,000. This has had a dramatic impact on the company’s
growth, allowing it to secure jobs and target new markets.
Ian Mills, Finance Director, Teignbridge Propellers, said:
UKEF’s support has
secured jobs in our Devon facility and has given us the
confidence to explore and target new markets in the Far East.
This is now bearing fruit now with new orders of over £500,000.
