Waverley Mills Pty Ltd, Australia’s oldest textile mill still operating in its original location near Launceston in Tasmania, is receiving a new lease on life thanks to energetic new owners with an eye on export markets.

In 2005, Waverley Mills was in administration when a group of investors acquired the debt-burdened company from its receivers and set out to pull the company back from the financial brink by thinking and acting globally to grow sales.

The company is now experiencing an export surge into Asia, Europe and North America, with high-quality woollen bed linen, including blankets, underblankets and quilts, all with an unmistakably Australian brand, Waratah.

EFIC Headway – a product from Export Finance and Insurance Corporation (EFIC) for small and medium-sized exporters – is assisting Waverley Mills in its export growth.

EFIC Headway, a financial guarantee from EFIC to a participating bank, allowed Waverley Mills to access additional working capital finance from NAB, without the need to provide added security.

“The cost of production is relatively high for us and we need to buy significant amounts of wool and other inputs in order to produce our products for export,” said Waverley Mills managing director, Ian Sloan.

“We have a lead time of about two months from receiving an order to actually shipping it. We needed some cash flow support and EFIC Headway was perfect for us. It has assisted us in all our overseas markets.”

EFIC Headway is distributed by NAB, Westpac, HSBC, Commonwealth Bank, ANZ, BankWest, Bank of Queensland, Bendigo Bank and St.George.