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 managing director Rupert Gatty, 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).

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 businesses 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.”