Newton Aycliffe-based manufacturer Ebac has secured funding of £10.5m, including £5.5m of new facilities, from RBS Invoice Finance, RBS and Lombard.
Ebac manufacture bottled water coolers and dehumidifiers and earlier this year announced plans to become the first UK-based appliance maker in 10 years to manufacture washing machines in the UK.
They employ 200 staff all based at their site on Aycliffe Business Park.
The refinance facilities will support the growth of the business in this exciting new area of production as well as the development of their Norfrost by Ebac chest freezers range.
The facilities consist of a £6.5m working capital facility from RBS Invoice Finance and a £1m revolving credit facility from RBS. A further £3m asset finance line from Lombard has been provided to support the introduction of new machinery.
Pamela Petty, Group Managing Director of Ebac said: “RBS have supported our plans from the inception of the project throughout, providing us with a solution which is adaptable to the changing needs of a growing business.”
Paul Goodchild, Business Development Director at RBS Invoice Finance added: “We are delighted to support a UK manufacturer that is doing something different and seeking to reinvigorate the production of white goods in the UK.
“By working with my colleagues in the banking and Lombard teams we have structured a package that offers a flexible solution to suit Ebac’s growth plans.”
Graham Robinson, Relationship Director at RBS said: “Ebac is a fantastic manufacturing story in the North East region.
“The business continues to diversify its product line and we are delighted to continue supporting the business. We wish Ebac every success for the future.”