UK export finance secures £50 million loan for Trifast's global expansion

In a move that highlights the UK's commitment to fostering international trade, UK Export Finance (UKEF) has successfully secured a £50 million loan for Trifast, a prominent global industrial fastenings group.

Trifast, a UK-listed PLC headquartered in East Sussex, specialises in the design and manufacture of industrial fasteners, catering to diverse sectors including vehicle production, energy, technology and infrastructure. This funding injection is part of UKEF's larger initiative, which saw the agency provide £3.5 billion in direct support to the UK manufacturing sector during the 2022-23 period.

The Export Development Guarantee issued by UKEF has paved the way for financing arrangements with leading financial institutions including HSBC, NatWest and Citi. These arrangements are set to bolster Trifast's efforts to expand its export business globally, positioning the company to thrive in an increasingly interconnected marketplace.

Trifast, with a global workforce exceeding 1,300 individuals, boasts a staff of 500 in the UK alone. The company's reach spans three continents, serving over 5,000 companies in various crucial industries. Its products play a vital role in light and heavy vehicle production, health and home sectors, energy production, technology, infrastructure and general industry.

Thanks to the UKEF loan guarantee, Trifast is poised to enhance its product offerings and targeted investments, significantly propelling its export growth. A significant portion of the funding will be allocated to the establishment of a state-of-the-art national distribution centre in the Midlands for TR Fastenings, Trifast's UK subsidiary.

The centre's expansive 75,000 square foot space will include a dedicated 'Technical & Innovation Centre' aimed at driving product and service development through highly skilled engineering.

Trifast's acquisition of the facility in June 2023 sets the stage for the distribution centre's opening later this autumn. The company's strategic investments are expected not only to fuel its own growth but also to catalyse advancements in the broader UK manufacturing sector. As a critical supplier to numerous global UK enterprises, Trifast's components are essential for efficient product assembly across various industries.

Esi Eshun, the Director of Business Group at UK Export Finance, hailed this development as a significant achievement in realising Trifast's international growth ambitions. Emphasising Trifast's indispensable role in major global assembly industries, Eshun expressed pride in UKEF's role in supporting the continued growth of this innovative exporting business.

This landmark financing deal exemplifies the collaborative efforts of Trifast and UKEF to cultivate economic growth, both for the company itself and the larger UK manufacturing sector. As Trifast extends its influence into new growth opportunities, UKEF continues to empower companies beyond London, with 82 per cent of its supported firms in the 2022-23 fiscal year situated outside the capital.

Darren Hayes-Powell, Chief Financial Officer at Trifast, emphasised the rapid pace of markets driven by environmental and technological shifts, noting the new horizons across sectors and geographies. Hayes-Powell sees the combined finance facility as a pivotal milestone that will fuel organic and acquisitive growth while supporting the company's commitment to research and technical innovation.

He also highlighted the positive impact on Trifast's key customers, granting them access to cutting-edge technologies that drive efficiency and sustainability across their businesses.

He was quoted saying: "Fast-paced markets driven by environmental and technological change create new opportunities across sectors and geographies. Our established customer relationships and access to high-growth and emerging markets support strong organic and acquisitive growth for the future."

He continued saying: "This package, therefore, marks an important milestone for the Group as the combined finance facility gives us the flexibility to invest and grow the business in our key sectors globally. It also supports our export ambitions and our ongoing commitment in research and technical innovation. In addition, it gives our key Tier 1 and Tier 2 customers access to cutting-edge technologies that will drive to improve efficiency and sustainability within all our businesses."

Philip Lewis, Global Co-Head of Export Finance for HSBC, expressed delight in supporting Trifast's international growth strategy and its commitment to innovation. Similarly, Cian McCarrick, Director of UK Financing Solutions at NatWest, celebrated their role in enabling Trifast to accelerate its investment in the business, which in turn uplifts the communities it operates within and bolsters its customer support capabilities.

He said: "We are delighted to have supported Trifast in this transaction. The new debt facilities will enable Trifast to accelerate investment in the business, providing a boost to the communities in which it operates and enabling the business to better support its customers."