UK challenger bank Aldermore has agreed to provide a £250,000 invoice finance facility for V-Seal, adding to earlier funds it had already provided.
Established in 1997, the Halifax-based manufacturer of seals and gaskets has 21 employees and provides products to petrochemical and oil refineries.
V-Seal will use the extended funds from Aldermore to move premises and purchase a new laser cutting machine.
The manufacturer hopes this will allow them to expand their customer base globally and meet increasing demand for its products.
Mark Birks, managing director, V-Seal, said: “We’re keen to further develop and grow V-Seal and this funding is a crucial step in the journey. We will be upscaling our operations so that we can manufacture more products and serve more customers, with a particular focus on growing our export business.
“The team at Aldermore has supported us for several years and has a good understanding of our business and requirements. We chose Aldermore as they were able to provide us with funding tailored to our needs in a timely fashion, and the facility they have provided has been instrumental in enabling us to grow.”
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St John Emms, relationship manager, Aldermore Invoice Finance said: “V-Seal is a well-established business with experienced staff, and has enjoyed strong growth in recent years.
“We’re pleased to have been able to assist them by providing the additional funding they need to further grow their business, and we look forward to seeing how the company develops in future.”