A COOLING firm that lists Morrisons, Punch Taverns and Wagamama among its clients has unveiled plans to expand into Europe after signing a banking deal for a “substantial seven-figure sum”.
Broxburn-based Capital Cooling, which makes and services commercial fridges and air conditioning units, has switched to Clydesdale Bank from Royal Bank of Scotland to fund its expansion plans.
Managing director Alister McLean, who founded the company in 1996, said: “We’re already selling some equipment in Europe and in Australia but the banking deal will allow us to set up a wholesale business that can sell to dealers in France, Germany and the Netherlands. We’ve had a good response to the plans to sell on the continent.”
News of the bank funding follows on from a string of contracts won this year by the company, which has more than 150 staff spread across five sites in the UK.
McLean revealed that the company has won a service contract from Enterprise Inns covering 800 sites that will begin next week. The deal comes on the back of a contract that began last week with Admiral Taverns to look after equipment in 700 premises.
Other recent contracts have including a deal in January to sign up hotel operator Hilton Worldwide as a new customer.
In May, the firm extended its work with Boots to cover more than 1.300 shops in the UK, with a series of deals unveiled last month with KFC, Pizza Hut and Thorntons adding a further 430 sites.
Accounts filed at Companies House showed that turnover at Capital Cooling dipped to £20.3 million last year from £20.6m in 2010, with pre-tax profits falling to £584,000 from £902,000 following a rise in administrative expenses. The accounts also showed the firm’s bank loans and overdrafts had fallen to £2m last year from £2.9m in 2010.
Clydesdale Bank is lending the cash to Capital Cooling through its “investing for growth” strategy, which has already pumped money into firms Glasgow-based restaurant chain Di Maggio’s.
