Government backs Megger Group loan

The loan was announced by Anne-Marie Trevelyan, secretary of state for international trade, at Megger’s manufacturing headquarters in Dover where it develops and produces electrical testing solutions.

UK Export Finance (UKEF) guaranteed 80 per cent of the new loan provided by HSBC and Commerzbank, under the government’s Export Development Guarantee (EDG) program, which is designed to drive investments into UK exporters.

This support will enable Megger to expand its UK exporting capacity and invest £15m to enhance a factory in Dover. The loan will also enable Megger to invest further in smart grid technology, such as sensors and cable analytics, and provide additional working capital to help the company fulfil overseas export contracts.

In a statement, Trevelyan said: “Megger is headquartered in the UK with over 130 years’ experience in the electric supply industry.

“Investment through UK Export Finance will grow Megger's UK operations, helping to solidify the UK's energy security and creating high-skilled green jobs that pay well.”