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£1m funding gives Worgas Burners a boost

Worgas Burners has secured a £1 million funding facility through independent invoice and asset based lender Venture Finance.
The funding, which incorporates an export and domestic invoice discounting facility, will enable the company to expand internationally.

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

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 £6.7 million and employs 46 people in the UK.

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14 July 2011

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