An Aberdeen-based container firm has become the first in Scotland to benefit from a new UK Government export scheme.
Reftrade UK, which supplies refrigerated, offshore and hazardous area containers, worked with NHS Scotland to provide specialist equipment to keep batches of AstraZeneca and Moderna vaccines at a set temperature through the vaccine rollout.
It has now secured support from UK Export Finance (UKEF) and the Bank of Scotland to finance international expansion plans, which include increased pharmaceutical exports and supplying offshore projects with temperature-controlled containers needed for the construction of wind turbine sites.
Reftrade required additional working capital to take advantage of increasing export orders and the Bank of Scotland proposed a structure which would bridge the gap in their increasing cash flow funding requirements, using UKEF’s new General Export Facility (GEF).
This let Reftrade free up working capital and pursue more, higher tier, export contracts.
Expanding on its busiest year ever in 2020, Reftrade has more than £1m of export deals in the pipeline.
The company plans to triple its headcount and relocate to larger premises, creating new highly skilled jobs in Scotland.
Minister for Exports Graham Stuart said: “The vaccine rollout has been one of this country’s greatest success stories, and underpinning it are expert UK companies like Reftrade - I am delighted that they have been the first company in Scotland to receive UKEF’s new General Export Facility which will help them continue their tremendous growth through international trade.”
Martin Baxter, director at Reftrade, said: “Exports currently make up 20% of our overall sales, but thanks to UKEF and the support offered through the GEF, we have been able to be more vigorous in our sales approach over the past few months.
"This has come at a vital time for our business, in which we are looking to expand our international operations, fulfil more export contracts and create vital jobs.”
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