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MIA Sports: success in Dubai with UK Export Finance support
Huddersfield-based indoor golf technology specialist is exporting to a new growth market after securing a finance package worth £75,000.
Founded in 2015, MIA Sports specialises in the design, supply and installation of performance golf simulators and training studios. Its indoor golf technology includes golf ball tracking, club fitting, and the latest IT systems and visual display tools.
It’s an approach that has found international appeal with independent golf professionals, corporate clients and private individuals alike. As a result, MIA Sports has completed projects across the globe – from the UK and Europe, to as far afield as Qatar and Vietnam.
The challenge
The UAE is emerging as one of the world’s premier golf destinations, thanks to its year-round sunshine and reputation as a luxury travel hotspot. It’s already home to 26 golf courses across its seven emirates but demand regularly outstrips supply.
MIA Sports won a contract to supply its technology to a new academy planned for the Emirates Golf Club. The iconic site is home to the European Tour’s Dubai Desert Classic tournament.
Securing the contract was a big achievement for the firm. But jubilation turned to concern when MIA Sports was asked to provide financial guarantees that it could fulfil the project.
It was a catch-22 situation. On the one hand, this project would benefit MIA Sports greatly. But the pressure of having to provide the financial guarantee in the meantime would dramatically restrict cashflow and negatively impact the wider business.
The solution
The company approached UK Export Finance (UKEF) for help. UKEF worked with HSBC UK to arrange a finance package worth £75,000, which was supported by a government guarantee through the General Export Facility (GEF).
UKEF’s GEF scheme has been specifically designed to help British small and medium businesses scale up their exports. By giving banks the confidence to lend, businesses can take advantage of opportunities that would otherwise feel out of reach.
The impact
The support from HSBC and UKEF gave MIA Sports the confidence to proceed with the Dubai contract -supplying and installing five teaching studio bays and simulators at the Emirates Golf Club. There’s hope the project will lead to other contracts in UAE in the future.
Breaking into the UAE market was a major opportunity for us. Thanks to UKEF and HSBC UK’s support, we were able to access the finance required to bring our technology to a fast-rising capital in the world of golf.
Support for your company’s general export business activities
Designed with SMEs in mind, our General Export Facility provides guarantees to lenders where finance is not tied to specific export contracts. It covers a range of facility types to support a company’s general exporting activities.