CashNews.co
A £10 million funding package provided by Danske Bank and guaranteed by UK Export Finance (UKEF) has played a key role in enabling The Deluxe Group to secure one of its biggest ever export contracts.
Portadown-based The Deluxe Group recently secured a landmark £30m contract for the interior fit-out of a new cruise ship in Germany, with Danske Bank providing finance guaranteed by UK Government’s Export Finance guarantee facility.
A team from The Deluxe Group, which works around the world on interior fitout projects in the leisure and hospitality sectors, will spend 12 months fitting out the dining and entertainment areas on board the new vessel, which is due to set sail in Asia in 2025.
The Deluxe Group has been expanding into international markets for a number of years, including Europe and the US, where it sees further opportunity for growth in the themed leisure market in future.
Danske is an approved provider to UKEF, the UK’s export credit agency, which provides trade finance and insurance to assist UK exporters of all sizes and exports in a range of sectors, including goods, services and intellectual property.
Bernie Kerr, Head of Trade and Export Finance at Danske Bank said:
“International trade can be complex and risky for businesses. The UK Export Finance guarantee facility is one way to help businesses fulfil contacts or bid for new business to support further growth. We are delighted to provide this new funding package for the Deluxe Group and continue our support of NI businesses in conjunction with UKEF.”
Tim Reid, CEO of UK Export Finance, said:
“Exporting to clients around the world has helped Northern Ireland business The Deluxe Group to achieve continued growth. Working with Danske Bank, UK Export Finance has played a part in this success story – and we remain here to help businesses in Northern Ireland win and deliver new overseas contracts.”
Colm O’Farrell, executive chairman of The Deluxe Group, said: “We have seen demand for our specialist fit out services increasing in the cruise sector, in part thanks to the trend for themed and immersive entertainment venues on cruise ships.
“Clients now see The Deluxe Group as a one stop shop with our in-house design, joinery and composites workshops pushing the boundaries of creative fabrication. We are grateful for the support of Danske Bank and UKEF for putting in place a funding package that has enabled us to bid for this game changing contract.”
Dominic O’Neill, Senior Corporate Manager at Danske Bank, said:
“The Deluxe Group is an inspiring local business and we’re delighted to support them in delivering what is a significant overseas contract. We were able to do this thanks to our experienced local credit teams and trade finance specialists collaborating to create a tailored support package, and we wish the team at the Deluxe Group the very best for their continued growth and success.”