A London-based gourmet popcorn company is expanding its international business after securing a £100,000 export contract with a major Saudi Arabian supermarket, with the
deal supported by the UK government’s export insurance scheme.
Joe & Seph’s, an independent food company founded in 2010 by entrepreneur Joseph Sopher, will supply its premium popcorn to Panda, one of Saudi Arabia’s largest supermarket chains. The agreement represents the company’s biggest export order to date.
The deal was made possible in part by an Export Insurance Policy provided by UK Export Finance (UKEF), the government’s export credit agency. The policy protects 80% of the contract against the risk of the Saudi buyer failing to make payment, reducing the financial exposure for the British company as it enters a new market.
For a growing small and medium-sized enterprise, taking on a sizeable order from a new international customer can involve significant commercial risk. UKEF’s backing gave Joe & Seph’s the confidence to proceed with the Saudi contract rather than limit its expansion because of concerns about potential non-payment.
The company has built its reputation around premium, oven-baked popcorn and caramel coatings made with West Country butter. Since its launch, Joe & Seph’s has received more than 100 Great Taste Awards and expanded from a domestic operation into an international food brand.
The business now employs more than 60 people at its London headquarters and exports its products to 32 countries. Its international markets include the United States, Hong Kong, Australia and several European countries.
The Saudi agreement forms part of the company’s broader strategy to increase its presence in overseas markets. Joe & Seph’s has identified further opportunities in the Middle East, the US and Singapore as it seeks to expand its export business.
Hitesh Patel, Export Finance Manager at UKEF, said the company’s experience demonstrated how government-backed export insurance could help smaller British businesses pursue opportunities that might otherwise be considered too risky.
Paul Sopher, a director of Joe & Seph’s, said UKEF’s support had allowed the company to accept its largest order so far while limiting the financial risk associated with entering a new market.
The agreement also highlights the role of government-backed finance in supporting smaller British exporters. UKEF said that during the last financial year it provided more than £11 billion through loans, guarantees and insurance to help UK businesses expand internationally.
According to UKEF, its support during the period contributed to the backing of up to 85,000 jobs and up to £6.4 billion in economic activity.
For Joe & Seph’s, the Saudi contract marks another step in its transition from a London food producer into a global consumer brand, with the company now looking to build on its presence across some of the world's fastest-growing markets. Photo by Logicaldisaster~commonswiki, Wikimedia commons.
