Bank aids in Lichfield company's international growth plans

Project management, process design, automation systems integration and consultancy business FMA Process Engineering has been able to consolidate its international growth after being steered to take advantage from the Government's Bond Support Scheme.

Managing director Terry Clough joined the business at Three Spires House, Station Road, nearly 25 years ago. Since then FMA, which specialises in the food and drink industry, has grown from a team of 15 to more than 50.

With international exports comprising a core part of FMA's turnover, Mr Clough was looking to build on their overseas experience, leveraging opportunities presented by existing customers as well as tapping into a wider customer base.

Releasing the working capital to enable FMA to pitch for bigger, higher value contracts had presented a barrier to growth.

Ian Fletcher, international manager at NatWest's Birmingham office introduced Mr Clough to the scheme which had been launched by UK Export Finance to help exporters raise contract bonds such as advance payment guarantees and performance bonds.

Mr Fletcher's team worked closely with FMA to submit successful applications to UKEF to fund four new contracts worth in excess of £4 million.

Terry Clough said: "The Bond Support Scheme gave us the freedom to focus on developing our business, growing our customer base whilst improving the service we offer. We can be more aggressive about our growth plans now."