YORK industrial abrasive supplier Abracs is preparing for further growth after securing a £2 million refinancing package with NatWest.

Abracs, which was founded in 1989 and employs 30 people, is one of the UK's largest suppliers of industrial abrasives, accessories and allied products for a range of customers operating in different sectors including engineering, agriculture, automotive and energy.

The company has reported steady growth in annual revenue, reaching £5.2 million in 2014 and more growth is expected this year.

The management team took the decision to move Abracs’ banking facilities to NatWest to support the company’s future growth plans.

Robert Jeffery, managing director at Abracs, said: "As a business we continue to expand operations and grow our customer base in both the UK and international markets.

"The funding package from NatWest offers us the flexibility we need to ensure our ongoing commitment to growth, product development and market leading customer service. We look forward to working with NatWest in the years ahead."

The funding deal was supported by James Burgess, director of NatWest Structured Finance and relationship director David Smithies.

Mr Burgess said: "We are delighted to commence a new business relationship with Abracs, which has an excellent reputation across the sectors it operates in.

"The management team have a clear vision for the company’s future and we look forward to supporting their plans."