A FAST-growing Padiham business has announced plans to double in size after borrowing £200,000.

CoolKit, which manufactures insulated linings for refrigerated vehicles, is set to move to larger premises in Burnley and invest in new machinery to increase output and efficiency.

The company has expanded from 10 to 26 employees since 2010 and hopes to have 50 within the next three years.

CoolKit borrowed the money from Rosebud Finance, managed by Enterprise Ventures on behalf of Lancashire County Developments Ltd (LCDL) – the county council’s economic development company.

County councillor Niki Penney, chair of LCDL, said: “CoolKit is 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 is 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.”