International agri business supported by Currency UK
Bourgault Tillage Tools UK is a UK distributor of Wearing Part Attachments for agriculture machinery for a large Canadian agri business. Being an international distributor in the UK, BTT UK buys products directly from their parent company in Canadian dollars.
As Bourgault Tillage Tools UK is buying from its parent company they have a good level of flexibility when it comes to paying invoices, allowing the business to wait until the GBP/CAD rate is at an optimum level.
In terms of their relationship with Currency UK, BTT UK use a combination of spot and forward contracts to buy currency when the rate is in their favour. Head of CUK Agri, Joshua Walker, works with their team to ensure they maintain good levels of cash flow by buying 20-50k of Canadian dollars at a time until they meet their forecasted currency needs.
The business is also exposed to other currencies such as euros when buying for the European arm of the business based in Germany. As a result they also hold euros on account with Currency UK matching the expected amount they will need over the coming months.
Currency UK supports BTT UK through the use of international payments products as well as their foreign exchange insight and customer service. As with all of our clients, BTT UK has a dedicated account manager who calls them with market updates and how relevant currencies are being affected.
When we started trading in May 2021 we identified currency exchange as an area where we needed guidance. Currency UK and Josh Walker and his team have more than given us guidance they have made the complete international transaction element of the business stream – line and highly effective. This partnership has resulted in BTT UK doing what we do best, supplying the UK Agri Sector with Quality Wearing Parts and Currency UK doing what they do best, managing all our currency and international transaction needs. This is a complete Win Win for both companies.
We work with many businesses in the agri sector, supporting them with their international payments. If you would like to find out more about how we can help you, please call us on +44 (0) 20 7738 0777 and speak to Joshua Walker, Head of CUK Agri.