UK Export Finance and Barclays helps medical supplier send lifelines around the world
UK Export Finance (UKEF) and Barclays have secured a £1.3m trade finance package for Leicester-based business Unimed Procurement Services. The financing has allowed Unimed to fulfil a major delivery of over 350 ultrasound machines to Latin America and expand its international reach.
A winner of the Queen’s Award for Enterprise (2022), Unimed helps to improve health outcomes around the world by distributing medical supplies to international development agencies, governments, NGOs and research institutions. To date, it has supplied pharmaceuticals, medical equipment and laboratory supplies to clients in over 58 countries.
A financing guarantee from UKEF, the government export credit agency, helped Unimed to secure the Barclays financing package and export to a market which they had been preparing to enter.
UKEF can help small businesses expedite their access to trade finance. It has partnerships in place with Barclays and other lenders so that it can issue government guarantees for up to £10 million in a matter of days. This arrangement has helped Unimed and other small businesses to access more financing, more quickly than they otherwise could.
This announcement also illustrates the value which UKEF brings to small, high-growth businesses looking to export in support of the government’s Help to Grow campaign. The financing has supported Unimed during a period of high growth. Since its founding in Leicester, Unimed has set up offices in Shanghai, Cape Town, Mumbai, and Dubai, building a global client base and establishing a diverse supplier and manufacturing network aligned to sector demands.
Tim Reid, CEO of UK Export Finance, said: “UKEF’s work supported 450 small and medium-sized businesses last year. These are businesses whose exports support economic growth around the UK and help to improve – or in the case of Unimed, even save – lives around the world. Our partnerships with lenders across the UK mean that we can extend a financing lifeline to small businesses looking to trade around the world.”
Shameet Thakkar, managing director of Unimed Procurement Services, said: “I take great pride in Unimed’s pivotal role in advancing healthcare worldwide, exemplifying the substantial global influence that Midlands-based enterprises can wield. Through our endeavours, we not only foster health equity but also showcase the transformative power of businesses in shaping global health landscapes. The indispensable support from UKEF and Barclays has enabled us to seize a significant export opportunity, underscoring their vital contribution to our mission of driving equitable healthcare access on a global scale.”
Lee Ekins, Barclays Corporate Bank, said: “We’re pleased that this guarantee facility from UKEF has enabled us to provide the £1.3m in funding to Unimed. It’s an impressive organisation doing some important work across the world, and we look forward to seeing the huge benefits this funding will bring to all involved.”
