What's Happening?
Promatic International, a leading manufacturer of clay pigeon shooting equipment, has secured a £1 million trade credit facility from HSBC UK to support its export growth. This financing, guaranteed by UK Export Finance (UKEF), will enable Promatic to purchase materials in larger quantities, fulfilling orders to 41 countries across various continents. The company, based in Hooton since 1996, has transitioned from mechanical traps to wireless release systems, enhancing safety and efficiency in shooting grounds. Promatic's products are used in major sporting events, including the World Cup of the International Sports Shooting Federation and the World Shooting Para Sport Championships. The company aims to become a supplier for the Summer Olympic
Games.
Why It's Important?
The financial support from HSBC UK and UKEF is crucial for Promatic's expansion in the global market, highlighting the importance of export financing for small and medium enterprises (SMEs). This move not only supports Promatic's growth but also strengthens the UK's manufacturing sector by enabling SMEs to compete internationally. The export growth supports 58 staff at Promatic's headquarters and a network of local suppliers, contributing to job creation and economic development. The collaboration between HSBC UK and UKEF exemplifies how financial institutions can aid in unlocking the growth potential of SMEs, ensuring they are not held back by financial constraints.
What's Next?
Promatic's long-term growth strategy includes expanding its presence in international markets and becoming a supplier for the Summer Olympic Games. The company will continue to leverage the financial backing to take on larger international projects and meet the growing demand from clients and sporting venues worldwide. As Promatic's international profile grows, it is likely to explore further opportunities to enhance its product offerings and expand its market reach.
