WHITE goods manufacturer Ebac is set for further growth after it secured a £10.5m refinancing deal.

The Newton Aycliffe business makes water coolers and dehumidifiers and earlier this year announced plans to become the first UK-based firm in 10 years to manufacture washing machines.

Ebac has agreed the £10.5m funding, including £5.5m of new facilities, from RBS Invoice Finance, RBS and Lombard. It will support the growth of the washing machine side of the business as well as the development of its Norfrost by Ebac chest freezers range.

Pamela Petty, group managing director of Ebac said: ”RBS have supported our plans from the inception of the project throughout, providing us with a solution which is adaptable to the changing needs of a growing business.”

The facilities consist of a £6.5m working capital facility from RBS Invoice Finance and a £1m revolving credit facility from RBS. A further £3m asset finance line from Lombard has been provided to support the introduction of new machinery.

Paul Goodchild, business development director at RBS Invoice Finance, said: “We are delighted to support a UK manufacturer that is doing something different and seeking to reinvigorate the production of white goods in the UK.

"By working with my colleagues in the banking and Lombard teams we have structured a package that offers a flexible solution to suit Ebac’s growth plans.”

Ebac employs about 200 people at its County Durham plant.