Container firm Reftrade in landmark export deal
A supplier of specialist containers to the NHS to store and transport COVID-19 vaccines has become the first in Scotland to benefit from a major new Government export scheme.
Aberdeen-based Reftrade UK has secured support from UK Export Finance (UKEF) and Bank of Scotland to finance its international ambitions.
These include expanding its pharmaceutical exports and supplying offshore projects with temperature-controlled containers needed for the construction of wind turbine sites.
Reftrade required additional working capital to take advantage of increasing export orders and Bank of Scotland proposed a structure which would bridge the gap in its increasing cashflow funding requirements, using UKEF’s new General Export Facility (GEF).
Reftrade was the first Scottish company to access funds from GEF, freeing up valuable working capital and allowing it to pursue more, higher tier, export contracts.
Expanding on its busiest year ever in 2020, Reftrade has more than £1 million of export deals in the pipeline. As a result, the company has plans to triple its headcount and relocate to larger premises
Martin Baxter, director at Reftrade said: “Exports currently make up 20% of our overall sales, but thanks to UKEF and the support offered through the GEF, we have been able to be more vigorous in our sales approach over the past few months.
“This has come at a vital time for our business, in which we are looking to expand our international operations, fulfil more export contracts and create vital jobs.”