A Leeds business which has grown its turnover by more than 30 per cent in the last year is set for further growth following an investment from Finance Yorkshire.
Garforth based Cooltherm Installation Services is a specialist refrigeration contractor, primarily for the food processing industry, designing, supplying and installing refrigeration and air conditioning units.
The firm has secured a £100,000 Business Loan from Finance Yorkshire, which together with additional funding from Barclays, will provide vital working capital to support a fast-growing order book and recruit new staff.
Established in 1998, Cooltherm employs a workforce of 20 and has experienced rapid growth within the last five years, having increased its turnover by 32 per cent in the year to March 2014.
Commenting on the investment, Cooltherm director Jim Dawber said: “The business has grown quickly in recent years, particularly over the last 12 months, so this funding from Finance Yorkshire comes at a crucial time.
“It will ensure we maintain our growth and allow us to recruit key people who will help drive the business forward.”
Finance Yorkshire Investment Manager Andy Chaffer said: “Cooltherm is an established and profitable business, with a very strong management team in place.
“Its growth in recent years is testament to their experience and we are looking forward to seeing them take Cooltherm to new heights in the months and years ahead.”
Barclays senior business banking manager Andrew Parmenter said: “Cooltherm has an experienced and ambitious management team with a great reputation in the food industry.
“The new funding line will provide the business with the flexibility to broaden their product base and the future looks bright for this well-managed company.”
To date, Finance Yorkshire has made 661 investments totalling over £82 million.
Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m to help a range of small and medium sized businesses to meet their funding requirements for growth and development.
The project is supported financially by the European Union. It has attracted £30million investment from the European Regional Development Fund (ERDF) as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme, £15million from UK Government and £45million match funding from the European Investment Bank.