A long-established North East firm which has come through turbulent times with a big return to profit has received a multimillion-pound boost to continue its international expansion.
Kilfrost, which was founded in the 1930s and remains in the same family, makes de-icing fluid for the aircraft, ground and rail sectors around the world.
Mild weather had led to poor trading at the Haltwhistle business in recent years, but the 2018 Beast from the East, as well as a number of licencing deals, saw a 42% rise in turnover in its last accounts.
Now the company has secured a seven-figure funding package from Allied Irish Bank to support the firm’s continued international expansion.
The additional working capital facilities secured as part of the refinancing will support the company’s production and growth opportunities in international markets.
It also supports investments made in its production capabilities and headquarters, along with the development of its management team, including the recent appointment of chief financial officer, Ross Elgie.
Drone capture company OpenWorks gets seven-figure investment from Adderstone Group
Mr Elgie said: “As a global leader in intelligent fluids for eight decades, Kilfrost has established a strong international reputation, which we are keen to build upon through the strength of our products, our dedication to customer support and our focus around continuous product innovation.
“Working with Allied Irish Bank will enable the business to further scale its operations as we look to exploit new international markets and increase our presence in existing territories.”
Kilfrost’s new relationship with Allied Irish was initiated by advisory firm Ryecroft Glenton (RG), with whom it has a long-term relationship.
Chris Dixon, North East relationship director at Allied Irish, said: “Kilfrost is one of the North East’s most established and successful businesses. We were delighted to have the opportunity to work with the company and its management team following the introduction from Carl Swansbury and the team at RG.
“Kilfrost demonstrates the innovative, manufacturing excellence that exists in the region that is held in high regard across the world and strengthens the North East’s position as an export success story.”
Who will be named the region's top creative company at the North East Business Awards?
Tributes paid to prominent North East businessman Freddy Hoult
