Selling vintage and printed women’s fashion, Rustin and Mallory is an experienced exporter selling wholesale to customers in the USA, Europe and Australia as well as direct to consumers via its website. Since the start of the pandemic, its exporting business has soared. 35 per cent of its profits now come from overseas, up from 15 per cent at the start of the year, enabling a doubling of staff numbers at its warehouse in Bromsgrove.
Its biggest overseas customer is Urban Outfitters, which has been a client for 15 years. However, through no fault of its own, the financial uncertainty caused by the pandemic caused Rustin & Mallory to lose insurance cover. This risked damaging its relationship with a key customer and potentially losing the business.
Finance provider Bibby Financial Services connected the business with UK Export Finance (UKEF), the UK’s export credit agency, which was quickly able to provide the required insurance to enable Rustin and Mallory to keep trading.
“Without UK Export Finance’s help we could have lost one of the most important customers,” said Harvey Morrison, Financial Controller at Rustin and Mallory. “UKEF was extremely supportive and obtaining the insurance policy from them was quick and easy. Now we can keep selling to Urban Outfitters, supplying British fashion to the US market.”
Phill Potter, senior UKEF export finance manager added: “The COVID-19 pandemic has seen demand for our export insurance policy triple, as UK companies look to continue trading overseas. UKEF is here to support exporters like Rustin and Mallory to win overseas contracts, fulfil orders and get paid through these difficult times.”
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