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UKEF helps Teesside business secure funding package

Product: Bond Support and General Export Facility

A man working on metal pipes in a factory.

A record demand for exports

Teesside-based Paralloy makes patented steel alloy castings used in high temperature furnaces and exports 95% of what it makes in the UK to 70 overseas markets.

Paralloy is one of a handful of companies worldwide that produces the specialised castings and is a key supplier to the blue hydrogen market, which is in high demand as companies transition away from fossil fuels.

Paralloy’s exports have reached record levels of up to £50 million, and the firm required general working capital to fulfil record demand for its services.

Seizing the opportunities of green trade

We worked with Paralloy’s bank, Santander UK, to put a £15 million funding package in place. Our funding enabled Paralloy to fulfil the most exports in its 90-year history, with shipments to North America, the Middle East and Asia-Pacific. The firm has opened two additional sites and recruited more than 70 new staff following record demand for exports.

This UKEF-backed funding package from Santander UK has enabled us to future-proof the business, and provided the working capital to fulfil bigger export contracts. It’s truly been a game-changer.

Robert McGowan | CEO of Paralloy
A man working with metal pipes.