Bibby Financial Services (BFS) has provided a £4.5m (€5m) funding package to Kilfrost Group, a Northumberland-based de-icing business.
Kilfrost was founded in the 1930s, and its de-icing division serves 127 airports, airlines, and aviation service providers, and also the rail and ground sectors.
The funding from BFS combines invoice finance, trade finance, and foreign exchange facilities, which Kilfrost said has been used to launch a new product range.
Gary Lydiate, Kilfrost Group chief executive officer, said: “Their support has enabled us to fast-track the launch of…low viscosity heat transfer fluids into the food production, heating ventilation and air conditioning, and green technology sectors.”
David McIntyre, corporate manager at BFS, said that Kilfrost could benefit from the ‘flexibility’ of the funding package.
McIntyre said: “Kilfrost operates in an environment where speed of response is crucial, and access to the product must be provided at very short notice.
“With a highly seasonal business, funding requirements can spike enormously. Having the flexibility of the combined invoice finance and trade finance facilities provides the support that the business needs.”