Worgas Burners secures £1m investment loan
Venture Finance money will be used to fund international growth
Worgas Burners, a gas combustion component producer based in north Derbyshire, has secured a £1m investment loan from invoice and asset-based lender Venture Finance.
The funding will be used by Worgas to incorporate an export and domestic invoice discounting facility, which will enable it to expand across Europe, North America, Canada and China, as well as the UK.
The company, a subsidiary of Italian company Worgas Bruciatori SRL,, currently turns over £6.7m a year – 12% coming from exports.
James Maxfield, managing director at Worgas Bur, comments: “The company has gone from strength to strength and has already grown by 22% 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.”
Daniel Summerfield, regional director at Venture Finance, commented: “The funding package we provided will ensure the company has the working capital required to grow into new emerging markets, whilst progressing its position in the UK as one of the market leaders in its sector.
“It is great to be able to support an ambitious company like Worgas Burners Ltd and to help them on their way to international success.”