Cool Van on track with EFG deal

A SUPPLIER of refrigerated vehicles is on track for growth after securing a £150,000 funding boost.

Cool Van. based at Altham, Lancashire, raised the money from NatWest via the Enterprise Finance Guarantee Scheme.

The company plans to use the funding to recruit four more people and to increase production of refrigerated units at its manufacturing base.  Once the new staff are recruited Cool Van will have a workforce of 16.

Established in 1991, Cool Van specialises in the supply of new and used temperature control vehicles. Customers include nationwide food & drink distributors and pharmaceutical companies. 

As hauliers look to cut costs in the recession, Cool Van has seen a significant increase in orders to supply refrigerated conversions on used vehicles. 

The NatWest funding ensures Cool Van has the working capital in place to order additional raw materials and absorb the initial costs incurred by increasing production. 
    
Chris Warburton, managing director of Cool Van, said: “As the economy has worsened we have seen a steady rise in the number of customers looking to source used vehicles with new conversions rather than purchase new ones. 

“It is a positive time for the company as we are also looking to take on four new workers.”

Sue Haslem, relationship manager from NatWest, said: “The EFG scheme was designed to ensure smaller businesses like Cool Van have immediate access to working capital to support their day to day operations.”