UKEF export insurance opens doors to Asia
A Gloucestershire food business famed for its truffle-based products is breaking into new international markets with the backing of a government export scheme designed to help smaller firms trade abroad.
TruffleHunter, based in South Cerney in Gloucestershire, has secured contracts worth £22,500 in Malaysia and the Philippines thanks to the UK Export Finance (UKEF) Small Export Builder (SEB) facility.
The award-winning company, which received the Queen’s Award for International Trade in 2021, has long exported its gourmet products but faced barriers when trying to access emerging markets. Commercial insurers typically refuse cover for smaller orders, making it difficult for firms to take on new buyers overseas.
Confidence to grow
The SEB scheme allows businesses to start with a £25,000 credit limit, which can rise in stages to £100,000 as they demonstrate a trading record with international partners. This gave TruffleHunter the reassurance it needed to move into Southeast Asia, where demand for premium food products is expanding.
So far, the company has delivered £7,500 worth of orders to Malaysia and £15,000 to the Philippines, with further deals secured in Thailand, Ecuador and Mexico.
Nigel Whitehouse, TruffleHunter’s chief executive, described the programme as “a game-changer”, saying: “The inability to secure commercial insurance for smaller value orders was a real barrier. UKEF’s support has given us the confidence to diversify our export base, enter new territories and build relationships with buyers we simply couldn’t have worked with before.”
Supporting UK exports
Hugh Francis, UKEF’s Export Finance Manager for Gloucestershire, said the case showed why the scheme had been introduced. “The beauty of this facility is that it grows with the business, allowing them to build confidence and trading relationships incrementally,” he explained.
The SEB is part of the government’s wider Trade Strategy, aimed at opening up export protection to smaller firms and helping them expand internationally with financial security in place.
Record year for UKEF
The announcement follows the publication of UKEF’s latest annual report, which revealed it provided a record £14.5 billion in new financing during the last financial year. That support reached more than 660 UK companies and is estimated to have sustained up to 70,000 jobs across the country.
For TruffleHunter, the backing has meant a smoother path into markets previously closed to small exporters, signalling further opportunities for British speciality food producers to compete abroad.
