News Article

Factoring & Invoice Discounting

Funding lights a fire under Worgas Burners Ltd

By CreditMan Thursday, July 14, 2011

North Derbyshire-based, Worgas Burners Ltd, has secured a £1 million funding facility through independent Invoice and Asset Based lender, Venture Finance.

The funding, incorporating an export and domestic Invoice Discounting facility will enable the South Normanton company to expand internationally.

Worgas Burners Ltd produces gas combustion components for domestic appliances such as boilers. The company, which currently derives 12 percent of its revenues from exports, intends to expand into Europe, North America, Canada and China, as well as in the UK through new offerings.

James Maxfield, Managing Director at Worgas Burners Ltd, comments: “The company has gone from strength to strength and has already grown by 22 percent 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, currently has an annual turnover of £6.7 million and employs 46 people in the UK.

Daniel Summerfield, Regional Director at Venture Finance, comments: “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.”

About Venture Finance

Venture Finance is an award-winning independent Invoice and Asset Based Lender and part of the ABN AMRO Commercial Finance group. Established in 1989, Venture provides Factoring, Invoice Discounting, Export Finance, Structured Finance and numerous related services to start-ups through to £150m turnover organisations. Providing consistent support via its 200+ staff and 11 regional offices, Venture helps clients manage cash flow, refinance, restructure, fund business opportunities and expansion, purchase new equipment and finance M&As.