County Durham-based radiation detection technology firm Kromek has secured a £3m revolving credit facility to support growth.
The Durham University spin-out said the funds will be used for working capital as it pursues work in its target markets of medical, security and nuclear.
Arnab Basu, chief executive officer of Kromek, said: “We are pleased that HSBC has committed this credit facility to Kromek. Whilst we continue to make significant progress with our product portfolio approach, this financing will enable us to accelerate on executing our longer-term strategy to become the preferred component supplier to major OEMs in CT and SPECT and in the supply of network sensors in nuclear markets.”
Amanda Murphy, UK head of Corporate Banking at HSBC, added: “I am delighted that we have had this opportunity to support Kromek: an expanding UK business with a truly global customer base.
“We are very impressed by the company’s achievements to date, its prospects for growth, and I look forward to watching their progress.”
In January Kromek reported a 33% rise in half-year revenue to £3.2m and said it was on track with a plan to create 90 jobs throughout the next five years.