A guarantee from UK Export Finance (UKEF) has secured a £50 million loan for global industrial fastenings group Trifast, a UK-listed plc.
The Export Development Guarantee issued by UKEF backs financing arrangements from HSBC, NatWest and Citi that will support the company in developing its export business.
With headquarters in East Sussex, Trifast employs 500 people in the UK from a total global workforce of over 1300. Serving more than 5000 companies over three continents, it supplies to a range of key sectors including light and heavy vehicle production, health and home, energy, technology, infrastructure and general industry.
The UKEF loan guarantee will allow Trifast to develop new product ranges and make targeted investments supporting its export growth. This will include the development of a 75,000 square foot national distribution centre in the Midlands for the firm’s UK subsidiary, TR Fastenings.
The financing is also expected to benefit the UK manufacturing sector more widely as Trifast supplies a range of global UK firms with components essential for product assembly.
UKEF Director of Business Group, Esi Eshun, pointed out that Trifast joins a range of exporters based outside London which UKEF has recently helped to access new growth opportunities. In the financial year 2022‒23, he went on, 82% of the firms which UKEF directly supported with its products — including the Export Development Guarantee — were based outside the capital.
