UK firm secures Urban Outfitters relationship with UKEF support
| About the transaction: Rustin and Mallory | |
|---|---|
| Region | Worcestershire |
| Sector | Fashion |
| Export location | USA |
| UKEF support | Export Insurance Policy |
Selling vintage and printed women’s fashion, Rustin and Mallory are an experienced exporter selling wholesale to customers in the USA, Europe and Australia as well as retail sales through their website.
Since the start of 2020, their exporting business has soared. 35% of their profits now come from overseas, up from 15% at the start of the year, enabling them to double their staff numbers at their warehouse in Bromsgrove, Worcestershire.
Their biggest overseas customer is Urban Outfitters, who have been clients for 15 years. However, financial uncertainty caused by the COVID-19 pandemic caused them to lose insurance cover, putting this longstanding relationship at risk.
Thankfully, their financial provider Bibby Financial Services put them in touch with UK Export Finance (UKEF), the UK’s export credit agency, who were able to quickly provide the required insurance to enable Rustin and Mallory to keep trading.
Harvey Morrison, Financial Controller at Rustin and Mallory, said:
Without UK Export Finance’s help we could have lost one of most important customers.
UKEF was extremely supportive and obtaining the insurance policy from them was quick and easy. Now we can keep selling to Urban Outfitters, supplying British fashion to the US market.
Phill Potter, Senior UKEF Export Finance Manager, added:
The COVID-19 pandemic has seen demand for our export insurance policy triple, as UK companies look to continue trading overseas. UKEF is here to support exporters like Rustin and Mallory to win overseas contracts, fulfil orders and get paid through these difficult times.
Putting the right finance and insurance in place can give you the exporting edge, helping you to win contracts, fulfil orders and get paid.
(Photo by Mike Mozart on Flickr. Used under Creative Commons).
