Leading manufacturer of specialist seals and gaskets, V-Seal Ltd has agreed a combined £250,000 invoice finance facility with Aldermore, a specialist lender and savings bank.
V-Seal is one of the leading suppliers of all sizes of seals and gaskets to petrochemical and oil refineries across the world.
The company has reportedly built its reputation on customer service, particularly its short lead-times as it manufactures and dispatches the majority of its gaskets on the same day.
The Halifax business considers this speed to market to be a crucial differentiator in an industry where there is extreme pressure to keep production lines open.
Established in 1997, the West Yorkshire-based firm currently employs 21 members of staff.
The extended funding, which augments earlier funds provided by Aldermore, is expected to fund V-Seal’s move to new premises and the installation an advanced laser cutting machine.
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Combined, the move and new machine is hoped to enable the company to serve more customers globally and help it to cope with increasing demand for its products.
Managing director at V-Seal, Mark Birks commented: “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.”
Relationship manager at Aldermore Invoice Finance, St John Emms added: “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 the future.”