Manufacturer Worgas Burners has secured a £1 million funding facility through asset-based lender Venture Finance.
Manufacturer Worgas Burners has secured a £1 million funding facility through asset-based lender Venture Finance.
The North Derbyshire-based company will use the funding, which incorporates an export and domestic invoice discounting facility, to expand internationally.
Managing director James Maxfield comments, ‘The company has gone from strength to strength and has already grown by 22 per cent in the last year.
‘The additional finance will help fund our plan to grow both our UK and export business. As we’re planning for the long-term, it’s important that we can access funds as and when we need them,’ he adds.
The company currently derives 12 per cent of its revenues from exports and intends to expand into Europe, North America, Canada and China, and in the UK through new offerings.
Daniel Summerfield, regional director at Venture Finance, explains that the funding package will ‘ensure the company has the working capital required to grow into new emerging markets’.
Worgas Burners produces gas combustion components for domestic appliances such as boilers.
The manufacturer is a subsidiary of Italian company Worgas Bruciatori and has an annual turnover of £6.7 million.
Venture Finance provides funding for start-ups and businesses with a turnover up to £150 million. It made over £3 billion of payments to clients in 2010.
