A £10m government loan guarantee has helped Co Armagh firm The Deluxe Group secure a major overseas contract.
The Portadown firm won government support through UK Export Finance for £10m in funding from Danske Bank.
Shipyard Harland & Wolff was turned down earlier this year for a £200m Export Finance guarantee, contributing to financial woes which have led to the group company going into administration.
But its £10m guarantee has helped The Deluxe Group – which specialises in leisure and hospitality fit-outs – win a £30m contract to fit out a cruise ship in Germany,
The team from Deluxe will spend 12 months fitting out the dining and entertainment areas on board the new vessel before it sets sail in Asia next year.
Danske is an approved provider to UKEF, the UK’s export credit agency, which provides trade finance and insurance to help UK exporters.
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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.”
Business Secretary Jonathan Reynolds told the House of Commons in July that giving an export guarantee to Harland & Wolff posed too much of a risk to taxpayer money.