A YORK-based refrigeration specialist has secured a £40,000 loan to help the business grow following a recent acquisition.

Cooltec Services is to use the investment to support its working capital, having recently taken over Hotelware Suppliers.

Bosses say the buyout saw the addition of a complementary business, but funding was needed to support future investment.

Trading from Elvington Airfield Industrial Estate, Cooltec Services specialises in the supply and installation of fridges, walk-in cold rooms, freezers, refrigerated chillers, cellar cooling systems and ice machines.

The company, which secured the £40,000 loan from Finance Yorkshire, also offers a repair and maintenance service to a number of high-profile local clients, including Castle Howard, Flamingoland, York Minster, Stonehouse Projects, Marriot Hotels and Best Western.

Managing director Simon Walton bought the company in 2008 and currently employs four people.

He said: “Having recently acquired a complementary business, Hotelware Supplies, supplying all aspects of catering equipment and sundries to public house and hotel industries, we are looking to a solid future, but it inevitably means working capital is needed.

“This business loan from Finance Yorkshire will enable us to invest where we need to, much quicker than would otherwise have been the case.”

Cooltec is also a Mitsubishi-accredited installer and serves about 250 customers, from major hotel chains to SME businesses such as pubs, restaurants, hair salons and warehouses.

Finance Yorkshire investment manager Ian Atkinson said: “Cooltec Services serves an impressive range of customers, and its potential for growth is clear.

“Simon Walton is passionate about the company’s future and we are confident our Business Loan is in very safe hands.”

Finance Yorkshire provides seedcorn, loan and equity-linked investments, ranging from £15,000 to £2 million, and is supported financially by the European Union.