Hull heating and ventilation firm secures £500k overseas supply contract
Chris Henderson of NSV working on equipment
By Hull Daily Mail | Posted: 1 Mar 2018
A growing Hull heating and ventilation firm has secured a major £500,000 overseas contract.
North Sea Ventilation has secured the significant deal with a business in Nigeria after receiving support from a national banking programme.
The West Carr Lane based company is a specialist manufacturer supplying heating, ventilating, air-conditioning and refrigeration systems for the energy sector.
The company, established in 1992 to supply the North Sea oil and gas industry, now sells to customers around the world and has a £9 million turnover.
Recently the firm was able to recruit, increasing its team following support from the Green Port Hull and a positive period of growth during 2017.
The firm now sees 80 per cent of its sales overseas and its key markets include the Middle East, far East, Europe, Russia, China, Australia and more recently Kazakhstan.
With trade finance support from UKEF and HSBC, NSV secured a £500,000 order to supply cooling equipment to Nigeria LNG Ltd.
In October 2017, UKEF launched a partnership with five high street banks to allow smaller exporters to access government-backed trade finance support directly from their bank.
This means that, where previously it could take weeks in addition to the banks’ own turnaround times to access this support, it now takes a matter of seconds for companies such as NSV to make the transaction.
NSV was therefore quickly and easily able to provide the required bond to its customer, ensuring it could access the £250,000 advance payment and re-cement this relationship with a client.
John Parker, finance manager at NSV said: “Working with HSBC and UKEF has provided NSV the flexibility to realise export opportunities, securing larger contracts than we could otherwise be confident we could fulfil, and the new application process couldn’t have been simpler: less paperwork, quick turnaround and a positive decision.”
Neil Waterhouse, senior business manager, HSBC said: “Working with UKEF has helped us help our customer.
“With this support, NSV’s exports are going from strength to strength. Our new partnership with UKEF means that we’re able to make the process as quick and easy as possible – for the customer and for us.”
Jana Horvath-Pocciova, Export Finance Manager, UKEF, said: “We’re delighted to be supporting world-leading suppliers like North Sea Ventilation as they grow their international reputation for quality, reliability and customer service.
“With this new bank partnership making it easier for SME exporters like these to access the finance they need to export, we hope to help even more in the future.”