Anas Sarwar has made his first intervention into the Scottish economy since he resigned as Labour leader to join Andy Burnham’s government.
The new minister for trade, who has been offered a seat in the House of Lords, has backed a £1 million trade loan, guaranteed by UK Export Finance, enabling shortbread maker Dean’s of Huntly to meet rising export demand in Australia, China, Europe, Japan and the US.
The Aberdeenshire business received the loan from Bank of Scotland, supported by UKEF’s General Export Facility (GEF), designed to unlock flexible finance for small and medium enterprises seeking to boost their overseas sales.
Upgrading the factory will cut the company’s carbon emissions by 49.5 tonnes per year – the equivalent of a petrol car travelling around the Earth five times.
Mr Sarwar said: “Scottish shortbread is enjoyed across the world and it’s fantastic to see UKEF back Dean’s of Huntly as they expand into exciting new markets.
“By helping businesses access the finance they need, UKEF is supporting our world-class food and drink sector to succeed and drive growth across the UK.”
Bill Dean, CEO at Dean’s of Huntly, said: “The flexible support from UKEF and Bank of Scotland means we can fund overseas orders and smooth the peaks and troughs of seasonal demand, while at the same time continuing to invest in production capacity and sustainability.”
Over the last financial year, UKEF provided over £11 billion in loans, guarantees and insurance to help UK companies export and grow, supporting up to 85,000 jobs and contributing up to £6.4bn to the economy.
Dean’s last year acquired Duncan’s of Deeside, another Aberdeenshire shortbread specialist, increasing the payrool from 140 to 200.
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