In the plastics and rubber industry even the smallest margin
can have an enormous knock-on effect on all areas of the business. This makes
it vitally important to have an effective currency strategy in place in order
to limit loss and allow focus to remain on maximising profit.
Imagro UK formed back in 2009 following the acquisition of
LG International UK’s polymer division. As they specialise in importing
polymers from the Far East and from across Europe, each month they need to transfer
large sums of US dollars, sterling and euro to pay their various suppliers and
offices around the globe. Only a few short years after inception, Imagro UK had
established themselves as a major partner for the sales of LG Chemicals and a
number of leading polymer producers. With this success came the need to
implement an effective currency transfer strategy and that’s where Smart
Currency Business could help.
Managing Director, Matthew Sydenham revealed how Imagro UK
came to enlist Smart’s services: “We weren’t getting great rates from any of
the three or four banks that we were using back then and they were never able
to tell us when our contracts would be finalised. This meant that it was a case
of placing an order for a currency exchange and then sitting around, twiddling
our thumbs and waiting with baited breath to discover what rate we had been
lumped with when they finally got around to dealing with it. That just wasn’t
going to work for us so after I was recommended Smart by a contact;
we got in touch and have been working with them for almost a year now”.
You might wonder how exactly Smart can help with the tight
margins experienced throughout the supply manufacturing industry. Matthew
continued: “We need to make sure that we’re constantly focused on limiting our
losses. We do this by setting a target exchange rate for each month that we
would like to achieve. If we have time, Alex Bennett, Head of Sales, will lock
in the rate with a Forward Contract or he will watch the rate until it reaches
a satisfactory level that we are happy to trade at”.
Matthew elaborated on Alex’s personal service: “Alex calls
us regularly with interesting ideas about how he can help us further and how we
can improve the ways that we operate. It’s good having someone like that
working to help you. The proactive relationship management that we enjoy from
Smart is refreshing when you are used to encountering FX companies who are all
about getting your business but who have no interest in dealing with you in the
professional, efficient and accessible way that the Smart team do”.
For more information on Smart Currency Business call: 0845 638 0571 (or +44 (0)207 898 0541 from outside the UK) or visit our website at: SmartCurrencyBusiness.com
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