Confidence in new markets
A few months into this new relationship and McMenon has already seen the benefits of the £2m trading line, says Anand. “We have used the facility for two large projects we have in the nuclear sector, and it has helped us manage some cross-border trade arrangements.”
Di Davies, Commercial Relationship Manager, Lloyds Bank, explains: “UK Export Finance provides guarantees to support trade lines. We then provide backing to those guarantees. It has allowed Anand to go out and negotiate terms of trade which may well be improved by the fact that he can provide guarantees of payment.”
Having the facility in place has certainly helped. It has opened the door to markets the business previously felt were out of reach, given that the nature of contracts in those countries required performance guarantees as standard.
“It’s allowing us to be even more ambitious,” says Anand. “The relationship we’ve developed has given me the confidence to open discussions for major contracts in the US for example.”
In addition to the direct benefits from having access to the trade facility, the backing is enabling McMenon to continue bolstering the values that are most important to it – from sustainability to diversity and inclusion. By underpinning the success of the business, McMenon can continue to invest in its people, for example through initiatives to encourage women into engineering and to create a more diverse workforce.
Changing working patterns to support employees’ mental health has helped with recruitment and retention and produced sustainability benefits too, with a nine-day fortnight pattern helping to cut emissions. It feeds into Anand’s passion for creating a business that doesn’t compromise on standards when it comes to the environment.
