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A loan guarantee from the UK’s export credit agency unlocks £50 million in financing to support Trifast’s international growth ambitions.
A guarantee from UK Export Finance (UKEF) has secured a £50 million loan for global industrial fastenings group Trifast, a UK listed PLC. This builds on £3.5 billion of new, direct support which UKEF gave to the UK manufacturing sector in 2022-23.
The Export Development Guarantee issued by UKEF backs financing arrangements from HSBC, NatWest, and Citi that will support Trifast in developing its export business.
With headquarters in East Sussex, Trifast employs 500 people in the UK from a total global workforce of over 1,300; it is an international specialist in the design and manufacture of industrial fastenings. Serving more than 5,000 companies over three continents, it supplies to a range of key sectors like light and heavy vehicle production, health & home, energy, technology, infrastructure, and general industry.
The UKEF loan guarantee is allowing Trifast to develop new product ranges and make targeted investments supporting its export growth. This will include the development of a 75,000 square foot national distribution centre in the Midlands for Trifast’s UK subsidiary TR Fastenings.
The facility will include a dedicated ‘Technical & Innovation Centre’ for developing products and services through highly-skilled engineering for their UK customers. Having acquired the facility in June 2023, Trifast expects to open the distribution centre this autumn.
The financing is also expected to benefit the UK manufacturing sector more widely as Trifast supplies a range of global UK firms with components essential for product assembly.
Esi Eshun, Director of Business Group at UK Export Finance, said:
This is an important deal which sees UK Export Finance help Trifast to realise its international growth ambitions. Trifast plays an important role in supporting major global assembly industries, and I am proud to see our backing enable the continued growth of this innovative exporting business.
Trifast joins a range of exporters based outside London which UKEF has recently helped to access new growth opportunities. In the financial year 2022-23, 82% of the firms which UKEF directly supported with its products – including the Export Development Guarantee – were based outside the capital.
Darren Hayes-Powell, Chief Financial Officer at Trifast, said:
Fast paced markets driven by environmental and technological change create new opportunities across sectors and geographies. Our established customer relationships and access to high growth and emerging markets support strong organic and acquisitive growth for the future.
This package therefore marks an important milestone for the Group as the combined finance facility gives us the flexibility to invest and grow the business in our key sectors globally. It also supports our export ambitions and our ongoing commitment in research and technical innovation. In addition, it gives our key Tier 1 and Tier 2 customers access to cutting-edge technologies that will drive to improve efficiency and sustainability within all our businesses.
Philip Lewis, Global Co-Head of Export Finance for HSBC said:
We are delighted to have supported Trifast by arranging this landmark transaction, which will support the continued execution of the Group’s international growth strategy and drive further technical innovation across the geographies and sectors in which it operates.
Cian McCarrick, Director, UK Financing Solutions, NatWest, said:
We are delighted to have supported Trifast in this transaction. The new debt facilities will enable Trifast to accelerate investment in the business, providing a boost to the communities in which it operates and enabling the business to better support its customers.