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A fast-growing business which manufactures insulated linings for refrigerated vehicles is planning to double in size following a £200,000 loan from Lancashire’s Rosebud Finance.

The funding will allow CoolKit to relocate to larger premises in Burnley and invest in new machinery to increase output and efficiency.

CoolKit, which is currently based in Padiham, has expanded from 10 to 26 employees since receiving its first Rosebud loan in 2010. It expects staff numbers to reach 50 within the next three years following this second Rosebud finance package.

Founded in 2005 by Rupert Gatty, the Managing Director, CoolKit specialises in converting light commercial vehicles into ‘fridge vans’ and also provides insulated linings in kit form to the vehicle trade.

The linings consist of vacuum-pressed panels with high thermal insulating qualities, which are tailored to a customer’s specific requirements using state-of-the-art 3D CAD software and precision cut using CNC machinery.

All manufacturing takes place in Padiham. CoolKit’s clients include some of the UK’s largest commercial vehicle leasing, rental and contract hire specialists.

Rosebud is a finance package supporting Lancashire firms to grow and expand their business. It is managed by Enterprise Ventures on behalf of Lancashire County Developments Ltd (LCDL) – the county council’s economic development company.

Paul Taberner said: “CoolKit has established a reputation for quality products and has grown year on year since its inception in 2005. This new investment will allow it to further improve its working practices, generate overall efficiency savings and keep up with the growing demand.”

County Councillor Niki Penney, Chair of LCDL, said: “CoolKit are a great example of how Rosebud is creating new jobs and growth right here in Lancashire. We want to help business who show high-growth potential.

“From just 10 employees when we first helped them, CoolKit are expecting to have 50 staff in the next three years. They’ve already had fantastic success in growing their business and we’re pleased to be once again supporting their ambitions.”