We spring in to secure "Advanex" advantage
A recent British Chamber of Commerce (BCC) Survey* found that red tape was major factor in preventing UK firms from exporting. Of the 8,000 businesses questioned, 25% and 36% believed that licences and regulation respectively were the major barriers.*
But there's one local company which is bucking that trend, seeking help from specialist Nottingham insurance broker Russell Scanlan to protect its international business ventures. Advanex Europe Ltd approached Russell Scanlan again this year for assistance in its renewals and also sought advice on managing the risks associated with operating overseas.
The Japanese-owned firm, based in Southwell and Bilborough, specialises in metal and plastic springs for use in all market sectors including medical, pharmaceutical, aerospace and automotive markets. It has developed a number of pioneering new products such as micro springs and the unique Kato CoilThread. This is a threaded insert used for securing items into the lighter environmental friendly metals used in modern manufacture, which saves customers up to 40% on installation times.
Advanex’s work is all around us; in satellites, all types of engines, asthma inhalers and spray pumps to name a few. The firm is going from strength to strength, and sees exporting as an important part of its business growth strategy.
As Richard Hallam, Finance Director, explains: “The economic outlook for the UK remains challenging, and that’s exactly why we are committed to retaining and expanding our market share overseas. But the only way we can make sure our strategy is right is by protecting ourselves against any unforeseen circumstances.
“Our export activities fall within a wide range of markets, and the team at Russell Scanlan helped us to work through the practicalities of the different countries involved and understand some of the challenges we might face. As ever, we’ve been delighted with the level of personal service we’ve received in making sure our overall business insurance portfolio is robust.”
North America is one of Advanex’s major export markets, but is often a problematic country to operate in due to litigation, and tends to be excluded under standard policies. Mike Dickinson, Development Director at Russell Scanlan, commented: “It’s always very important for companies to understand whether the cost of insuring goods being exported are higher than the value of the assets themselves. We were able to help Advanex manage those details, and make sure their risks were appropriately managed.”
Advanex Europe Ltd is part of the Advanex Group which has a network of more than 20 operations in Europe, Japan, South East Asia and the United States. It provides design, development, manufacturing, distribution and support services, and employs 175 staff across its two Nottinghamshire sites. The firm was named the Notts Company of the Year in the Nottingham Post’s Business Awards 2012. Full details can be found at www.advanex.co.uk.
Russell Scanlan has a wide-reaching and loyal customer base across the East Midlands and the whole country. The firm specialises in corporate, small business, private clients and specialist insurance.