Melbourne-based United Wool Company (UWC) trades and exports raw and processed wool from Australia, New Zealand and South Africa, with approximately 90% of their wool traded being sourced in Australia.
UWC supplies wool into two primary markets, China which represents 85% of UWC’s trading revenues, and Europe (predominantly Italy and the UK), where UWC has established strong relationships with high-end European textiles manufacturers.
For these customers, product quality, reliability of supply and trust are of utmost importance, and they are willing to pay a premium for it.
UWC has strong growth targets for the next few years, with a ready customer base to support it.
While UWC’s bank was able to help with UWC's letter of credit-backed shipments to China, its ability to support UWC’s credit-insured open account business with European buyers was limited.
And so UWC approached us to help secure additional finance for these transactions.