An Aberdeen-based firm specialising in supplying refrigerated containers has won UK government support in its aim to fulfil £1million of export orders.
Reftrade UK, whose containers have been used by NHS Scotland to transport Covid-19 vaccines, is the first company in Scotland to successfully raise backing from the general export facility (GEF), which was launched by the government’s export credit agency, UK Export Finance (UKEF) in December.
The business employs four people at its depot at Echt, near Westhill. It expects this number to quadruple as a result of a recent growth in export orders. The company said it has deals in the pipeline providing containers to the pharmaceutical industry as well as to offshore wind developers.
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.”
Getting “jabs into arms”
David Duguid, UK government minister for Scotland, hailed the deal, adding: “Businesses like Reftrade have played a vital role in getting jabs into arms.
“It’s fantastic to see this Scottish company benefiting from UK Government backing to expand their export business.
“This support will not only help create jobs and boost growth, but also contribute to vaccination efforts around the world.”
He was joined in his enthusiasm by UK minister for exports, Graham Stuart. He said: “The COVID-19 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.”
The GEF was set up to support SMEs. It guarantees up to 80% of a lending facility offered by a bank worth up to up to £25m to finance exports .
UKEF did not disclose the value of the lending facility for Reftrade.
Established in the north-east in 2008 as Abcool, the Aberdeen company became part of the Dutch Reftrade Group in 2012 following a partial sale of the business by its founder and director, Greg Spence. The wider Reftrade business was acquired by French giant Petit Forestier with Mr Spence retaining a stake in the Aberdeen company.
