UK Export Finance (UKEF), part of the Department for International Trade, helped family-run dairy business Lye Cross Farm – based near Cheddar Valley – to protect its international sales against changing market conditions.
Lye Cross Farm now exports to the USA, South Korea and all over Europe, with overseas sales now accounting for around 30% of the company’s total business.
The company had export insurance, which ensured the business was paid for an export contract, even if the buyer defaulted. But in 2017, Lye Cross Farm’s business with a longstanding customer ran into difficulty when its existing provider was no longer able to provide export insurance for that market.
UKEF worked with Lye Cross Farm to put together a new export insurance policy
Tim Harrap, head of collaboration at Lye Cross Farm, said: “When private sector providers were withdrawing from the market, a business contact told me that UKEF was offering export credit cover that could help us maintain this business.
“UKEF support enabled us to secure our business relationships and keep supplying to this valuable customer when we were not able to find export credit insurance elsewhere.
“It’s great that smaller businesses can access this support from UKEF. The one-to-one guidance was really useful for explaining everything and has really helped inform us of the opportunities for trading in other markets too.”
Dr Liam Fox MP, secretary of state for international trade, said: “Lye Cross Farm showcases the best of British produce and demonstrates there is high demand for high-quality British products all over the world.
“It’s important UK businesses can access the support they need to make the most of these opportunities and I’m delighted that UKEF is helping local enterprising companies to excel in the global marketplace.”