Worgas Burners is cooking on gas with £1m investment
South Normanton-based manufacturer Worgas Burners is preparing to expand internationally after securing £1m in funding from Venture Finance.
The loan incorporates an export and domestic invoice discounting facility to allow the company to expand into Europe, North America, Canada and China.
Worgas Burners produces gas combustion components for domestic appliances such as boilers.
The company currently derives 12 percent of its revenues from exports.
James Maxfield, managing director at Worgas Burners, said: "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. Venture understood this and provided a user-friendly service which will enable us to invest at home as well as expand into new regions."
Worgas, a subsidiary of Italian company Worgas Bruciatori SRL, has an annual turnover of £6.7m and employs 46 people in the UK.
