Birmingham-based Cattles Invoice Finance has provided £85,000 to part fund the management buyout of chemicalpump company CDR Pumps UK.
The deal will enable the firm to finance additional research and product development.
CDR Pumps, based in Wellingborough, Northamptonshire, is involved the sales and marketing and after-sales support of chemical process pumps to a number of multinational chemical, pharmaceutical companies and engineering contractors.
Ashley Fenn, director of CDR Pumps UK, said: "The funding has played a key role in developing the after-sales support role that CDR Pumps UK provides. It is my aim to double both the company turnover and the number of employees in the coming 12 months and I have already used this opportunity to expand our customer base, moving into the thermal oil and effluent treatment sectors."
Mark Williams, acting on behalf of Cattles Invoice Finance, said: "The funding solution that we have put in place will adapt to the individual needs of the business as it grows and will allow Ashley and his team to access working capital more easily to meet the company ' s changing requirements."