Acquisition leads to investment for York company
A York based company specialising in air conditioning and refrigeration technology has attracted a £40,000 Business Loan from Finance Yorkshire.
Cooltec Services (York) Ltd has recently acquired a complementary business and the investment will be used for working capital as the company continues to grow.
Trading from Elvington Airfield Industrial Estate, Cooltec Services specialises in the supply and installation of fridges, walk-in cold rooms, freezers, refrigerated chillers, cellar cooling systems and ice machines.
Air conditioning products include a variety of units, including high-walls, cassettes and ducted systems. The company also offers a repair and maintenance service to a number of prestigious clients such as Castle Howard, Flamingoland, York Minster, Stonehouse Projects, Marriot Hotels and Best Western.
Cooltec is a Mitsubishi accredited installer and serves around 250 customers, from major hotel chains to SME businesses such as pubs, restaurants, hair salons and warehouses; essentially any environment which requires comfortable working conditions.
Managing director Simon Walton bought the company in 2008 and currently employs four people. He said: “Having recently acquired a complimentary business, Hotelware Supplies Ltd, supplying all aspects of catering equipment and sundries to public house and hotel industries, we are looking to a solid future, but it inevitably means working capital is needed. This Business Loan from Finance Yorkshire will enable us to invest where we need to, much quicker than would otherwise have been the case.”
Finance Yorkshire investment manager Ian Atkinson said: “Cooltec Services serves an impressive range of customers, and its potential for growth is clear. Simon Walton is passionate about the company’s future and we are confident our Business Loan is in very safe hands.”
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.
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