CoolKit is one of the success stories of Lancashire, according to the fund management business which helped the start-up company grow into a market leading manufacturer.
In 2010 CoolKit, which had just 10 employees, secured a £20,000 loan from Rosebud Finance, which is managed by Mercia Fund Managers. Subsequently in 2014, the company received a £200,000 loan to help it relocate to larger premises and invest in more efficient machinery.
Now, just eight years after the first investment, the refrigerated vehicle conversion company boasts double digit growth for seven consecutive years, exceeded £12million in revenue last year, has premises totalling 70,000 square feet, and is sole supplier for a number of major commercial fleets.
Peter Rooney, Investment Manager at Mercia Fund Managers, said: “CoolKit is a real success story and has gone from strength to strength as it continues to scale and grow.
“CoolKit has not only moved to new premises, it has purchased another unit to meet production demands and has secured large orders from customers.
“The company is a perfect example of how Rosebud Finance can help businesses to flourish.
“CoolKit is one of Lancashire’s success stories – winning the BIBAs last year and gaining regional recognition for the quality of its work was the icing on the cake.”
Rosebud Finance offers funding of up to £1million to Lancashire businesses looking to expand their business and contribute to a thriving Lancashire economy. It was set up by Lancashire County Council in 1986 and has been managed by Mercia Fund Managers (previously known as Enterprise Ventures) since its inception.
CoolKit used the £200,000 from Rosebud Finance to assist with the relocation from its outgrown Padiham site. The company also purchased a new CNC router machine to create efficiency savings, output and employment when manufacturing lining kits for the vehicles.
The company has established itself as a market leader, achieved the Investors In People standard, multiple accreditations from vehicle manufacturers and 100% pass rates in ISO 9001 and ISO 14001.
Rupert Gatty, Managing Director of CoolKit, said: “CoolKit has been fortunate enough to have support from a number of organisations and bodies, such as Rosebud Finance and Mercia Fund Managers.
“As a company, we are proud to be supporting the Lancashire economy and providing skilled employment opportunities for local people and high-quality products manufactured here in Lancashire.”
County Councillor Michael Green, Cabinet member for economic development, environment and planning, said: “We’re pleased that Rosebud’s support has helped Coolkit to bring about major growth to their company, establishing themselves as a market leader.
“This is the essence of what Rosebud finance is about – assisting Coolkit to establish their business and grow with finance from Rosebud. They have achieved this and created highly-skilled roles in one of our key sectors contributing to Lancashire’s economic wealth.
“It’s always a strong sign of Rosebud’s offer to businesses, when companies return to us to continue their growth journey.”