Digital Projection International, a manufacturer of electronic projectors used in venues such as cinemas, theatres and pop concerts, has won a £3.5mn export contract thanks to help from international banking experts at Royal Bank of Scotland (RBS).
The business has secured an order to supply 750 of its high performance projection systems to UFO Moviez the world’s largest digital cinema chain based in Mumbai, India.
The new contract builds upon the success Digital Projection has already achieved in India. Two years ago the company secured a contract to equip 500 cinema screens in India, the largest single cinema market in terms of the number of films produced and the number of film tickets sold annually.
The contract was secured after Donna Bradley and Steve Hall from RBS provided Digital Projection with a trade finance solution. The solution included assignable revolving export letters of credit and ongoing working capital to facilitate the progression of the export deal.
Digital Projection was formed in 1989 by the Rank organisation and subsequently purchased by its management team in 1998. In addition to cinemas worldwide, its projection systems have been uses at a host of prestigious sporting and cultural venues around the world including; the London Palladium, the Grammy Awards and the Oscar”s.
The Middleton site is Digital Projection’s HQ and base for research, product development, engineering and innovation. The company also has locations in Cambridge, China and the US.
Tim Cronin, finance director at Digital Projection International, says: “As the world’s largest cinema market India is a key export territory for the company and this contract is great news as it strengthens our position in this country. I would like to thank RBS for their support in quickly devising an appropriate funding solution to support the contract and assist the growth of our business.”
Donna Bradley, business development manager at RBS International Banking Services, comments: “This contract reinforces Digital Projection’s position as a global market leader in the provision of large scale projection systems. We were delighted to have provided the necessary expertise to enable them to secure this contract.”