Government support secures £2.5m funding for Dewsbury bed manufacturer to extend its next-day delivery service overseas
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UK Export Finance (UKEF), a Government department which exists to help UK firms win, deliver and get paid for export contracts, provided support for the bed and mattress specialist by issuing a General Export Facility (GEF) loan guarantee. This allows Jay-Be to access a £2.5m funding package from Santander UK.
Already a supplier to high street names such as John Lewis, Bensons for Beds and Next, Jay-Be began exporting in 2012 and now serves customers in more than 15 countries.
It will now be able to use UKEF support to ramp up its international sales and bring a Yorkshire export to more people than ever.
Roger Durrans, CEO of Jay-Be, said: “We are extremely appreciative of Santander UK and UK Export Finance for this support.
"Our journey into international markets over the past few years has presented its share of challenges, but achieving the export of our beds and mattresses overseas is an accomplishment of which we are very proud.
“Now that we have successfully established a presence in multiple countries, this export loan facility is pivotal.
"It will enable us to maintain stock in each export market, enhancing our ability to provide an improved local service, which will significantly accelerate our global expansion strategy and ultimately contribute to creating more employment opportunities in our local area."
Based in Ravensthorpe, Jay-Be designs and makes all of its products in the UK. Further expansion overseas will help to support jobs within the UK manufacturing sector.
The newly announced UK Government guarantee means that Jay-Be can continue its export growth by extending its next-day delivery service to overseas regions where it operates.
The extra £2.5m will allow it to invest in overseas facilities where it can keep local stock, making it possible for the Dewsbury firm to deliver to customers all over the world within a single day.
Tim Reid, CEO of UK Export Finance, said: “Our General Export Facility means that UK businesses can access up to £25million in trade finance without tying it to one specific contract.
"This deal with award-winning Yorkshire manufacturer Jay-Be shows the difference which this can make for existing exporters who dream of accessing more global markets.
"I wish Jay-Be the very best success in its growth plans.”
Alissia Deane, UKEF export finance manager for West Yorkshire, said: "This announcement of our support for Jay-Be shows the value which we, working alongside financial institutions like Santander UK, can bring to innovative companies looking to grow their global presence.”
Simon Dunn, trade and supplier finance director at Santander UK, said: “We are pleased to build on the funding we provided our client Jay-Be last year with this latest funding package to support it to grow internationally.
"Given our extensive international network and overseas trade expertise, we are well placed to assist Jay-Be to grow.
"Santander UK is proud to support businesses such as Jay-Be that are manufacturing innovative products that minimise impact on the environment.”