Tech firm for theme parks secures UK's first offer from Government credit agency

The cash secured through UK Export Finance (UKEF) secure the funds they need to sell internationally and grow their business through the Covid-19 pandemic and beyond.

Simworx, a tech company based in Kingswinford, recently completed the first General Export Facility (GEF), a new scheme launched by UKEF, with support from HSBC UK.

Through GEF, UKEF can guarantee 80 per cent of any facility offered by a bank to finance the costs of exporting, meaning smaller businesses can access more support.

Simworx is a leader in the design, development and manufacture of attractions for the global theme park and entertainment industries, with recent projects completed in countries such as Malaysia, New Zealand and Vietnam.

The company supplies a wide range of turnkey simulation technology products to the international theme park and entertainment industries, including 3D and 4D dynamic simulation attractions and 4D Effect Cinemas.

The company employs 30 people in the West Midlands.

The seven-figure facility from HSBC UK, guaranteed by UKEF, will provide additional working capital, helping to ease cash flow constraints as a result of the pandemic and enable Simworx to raise advance payment guarantees to secure and complete significant overseas contracts worth typically between £1m and £8m.

Commenting on the deal, Terry Monkton, CEO of Simworx, said: “There’s no greater thrill than coming up with an idea for an attraction, seeing it built and installed, and then experiencing people’s reactions.

"Despite Covid-19 presenting a series of extraordinary challenges for our business, and the leisure and entertainment industry as a whole, we’re now witnessing a healthy return of enquiries from our partners worldwide.

“As we start to see the green shoots of recovery, we’re extremely grateful to be the first export business in the UK to benefit from the new scheme put in place by UKEF. I would also like to thank our banking partner HSBC UK for backing our business and making this process completely seamless.”

Graham Stuart MP, Minister for Exports said: “I am delighted that Simworx are the first business to take advantage of our new General Export Facility (GEF).

"It’s so important to our recovery that we provide the means for more UK businesses to grow sales in foreign markets.

“Simworx is the first of what I hope will be a long list who we will back through GEF. Research shows that companies that export are more productive, profitable and pay higher wages on average than their non-exporting peers, so we are determined to help more companies start that journey in support of the Chancellor’s Plan for Jobs.”