{"id":5184,"date":"2020-05-26T11:52:31","date_gmt":"2020-05-26T10:52:31","guid":{"rendered":"https:\/\/www.gpsj.co.uk\/?p=5184"},"modified":"2020-05-26T12:09:28","modified_gmt":"2020-05-26T11:09:28","slug":"universal-partners-fx-working-for-free-to-help-vital-suppliers-during-covid-19","status":"publish","type":"post","link":"https:\/\/www.gpsj.co.uk\/?p=5184","title":{"rendered":"Universal Partners FX Working for Free to Help Vital Suppliers During COVID-19"},"content":{"rendered":"<p><span style=\"color: #333333;\">Reporter: Allan Roach<\/span> <em><span style=\"color: #999999;\">&#8211; Sponsored<\/span><\/em><\/p>\n<p><span style=\"font-family: 'Helvetica',sans-serif;\"><a href=\"https:\/\/www.upfx.co.uk\/\">Universal Partners FX<\/a>\u00a0(UPFX) is delivering foreign exchange services, at zero profit to the company, to all organisations bringing in vital COVID-19 equipment. This service is listed by The Crown Commercial Service, the official procurement body. The founders of UPFX, Dhaval Patel and Oliver Carson, introduced the extraordinary measure to give practical support during the current crisis. They are believed to be the only FX company offering this service.<\/span><\/p>\n<p><span style=\"font-family: 'Helvetica',sans-serif;\">UPFX has created a special team, who prioritises COVID-19 payments. No fees are added to these transfers and it can mean extending credit limits to facilitate faster transactions.<\/span><\/p>\n<p><span style=\"font-family: 'Helvetica',sans-serif;\">Many UPFX clients were protected by forward contracts coming into the lockdown, meaning they had certainty over the rates they will pay during this time of high volatility. However, UPFX could see that some were struggling, and this was delaying vital supplies reaching hospitals.<\/span><\/p>\n<p><span style=\"font-family: 'Helvetica',sans-serif;\">Dhaval Patel, co-Founder and Director of UPFX, explained; \u201cWe could see that foreign exchange issues were slowing down the procurement process. Those delays meant that medical teams weren\u2019t getting vital supplies in time (including PPE and hand sanitiser), which could lead to loss of life.\u00a0<img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-5185\" src=\"https:\/\/www.gpsj.co.uk\/wp-content\/uploads\/2020\/05\/anne.jpg\" alt=\"\" width=\"400\" height=\"267\" srcset=\"https:\/\/www.gpsj.co.uk\/wp-content\/uploads\/2020\/05\/anne.jpg 800w, https:\/\/www.gpsj.co.uk\/wp-content\/uploads\/2020\/05\/anne-300x200.jpg 300w, https:\/\/www.gpsj.co.uk\/wp-content\/uploads\/2020\/05\/anne-768x512.jpg 768w, https:\/\/www.gpsj.co.uk\/wp-content\/uploads\/2020\/05\/anne-150x100.jpg 150w, https:\/\/www.gpsj.co.uk\/wp-content\/uploads\/2020\/05\/anne-400x267.jpg 400w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/span><\/p>\n<p><span style=\"font-family: 'Helvetica',sans-serif;\">In addition, with sterling rates moving over 10% in a short space of time, many UK businesses saw increased costs on imports. By forward buying, our clients saved that 10% and that value translated to more vital supplies being available to those on the front-line.\u201d<\/span><\/p>\n<p><span style=\"font-family: 'Helvetica',sans-serif;\">Pai Skincare, a natural and ethical cosmetics company, created a hand sanitiser especially for coronavirus and have donated 8,000 units, so far, to schools. UPFX converted $150,000 and EUR 170,000 for them in March.<\/span><\/p>\n<p><span style=\"font-family: 'Helvetica',sans-serif;\">Sarah Brown, the Founder of Pai Skincare explained; \u201cWe are a global business.\u00a0There has been so much\u00a0volatility in the markets with Brexit and now Covid-19. Universal Partners has kindly provided their service at cost during the Covid-19 crisis, as we are providing essential items related to Covid-19.\u201d<\/span><\/p>\n<p><span style=\"font-family: 'Helvetica',sans-serif;\">JAG UFS, a logistics solutions company, has brought in 10 x 747 aircrafts carrying PPE (including 10 million face masks in each aircraft) to supply NHS Scotland &amp; Wales.<\/span><\/p>\n<p><span style=\"font-family: 'Helvetica',sans-serif;\">UPFX has been forward buying on $7million for supplier payments.<\/span><\/p>\n<p><span style=\"font-family: 'Helvetica',sans-serif;\">Gary Wilcox, the CEO of JAG UFS commented; \u201cUPFFX has been instrumental in the PPE deliveries, allowing us to forward buy on currency. During so much uncertainty, they have really added value to our business and to the NHS in Scotland and Wales.\u201d<\/span><\/p>\n<p><span style=\"font-family: 'Helvetica',sans-serif;\">UPFX has also donated care packages to local hospitals. These include additional hygiene supplies and snacks.<\/span><\/p>\n<p><span style=\"font-family: 'Helvetica',sans-serif;\">UPFX is renowned for their extraordinary growth. Founded in 2017, they achieved a turnover of \u00a3113m during their first year. In 2019 their turnover had grown to \u00a3945 million with \u00a32.8 million profit<\/span><\/p>\n<p><span style=\"font-family: 'Helvetica',sans-serif;\">Oliver Carson, the co-founder of UPFX concluded: \u201cWe\u2019ve been extraordinarily successful, and it was time to give back. This virus has affected all our lives, we\u2019re pleased to be able to play our part in the work to fight it.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reporter: Allan Roach &#8211; Sponsored<\/p>\n<p>Universal Partners FX (UPFX) is delivering foreign exchange services, at zero profit to the company, to all organisations bringing in vital COVID-19 equipment. This service is listed by The Crown Commercial Service, the official procurement body. The founders of UPFX, Dhaval Patel and Oliver Carson, introduced the extraordinary measure to <\/p>\n<p>Continue reading <a href=\"https:\/\/www.gpsj.co.uk\/?p=5184\">Universal Partners FX Working for Free to Help Vital Suppliers During COVID-19<\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1834,11,9],"tags":[1749,1840,25,26,264,1747,122,1841,1746,310,422,1838,1839],"class_list":["post-5184","post","type-post","status-publish","format-standard","hentry","category-covid-19","category-finance-investment","category-nhs-healthcare","tag-british-association-of-social-workers","tag-dhaval-patel","tag-government-public-sector-journal","tag-gpsj","tag-gpsj-magazine","tag-matt-hancock","tag-nhs","tag-pai-skincare","tag-ppe","tag-public-sector","tag-public-sector-magazine","tag-universal-partners-fx","tag-upfx","odd"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Universal Partners FX Working for Free to Help Vital Suppliers During COVID-19 - Government &amp; Public Sector Journal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.gpsj.co.uk\/?p=5184\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Universal Partners FX Working for Free to Help Vital Suppliers During COVID-19 - Government &amp; Public Sector Journal\" \/>\n<meta property=\"og:description\" content=\"Reporter: Allan Roach &#8211; Sponsored Universal Partners FX (UPFX) is delivering foreign exchange services, at zero profit to the company, to all organisations bringing in vital COVID-19 equipment. 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