Harman Technology has received a £4.95m refinancing facility via independent Invoice and Asset Based Financier, Venture Structured Finance.
"The facility, incorporating Receivables and Inventory Funding, will enable the Cheshire-based company to expand into medical applications and grow internationally," says Harman Technology.
The company plans to use its expertise in silver, a key component in the photographic process, for the development of products such as plasters, sportswear as well as in medical diagnostics.
Harman claims to have developed methods to harness silver's antimicrobial properties.
"While our core business centres around photographic products, our expertise has developed over the last century into a robust proposition for other markets where silver has commercial applications," says Howard Hopwood, chairman at Harman Technology.
Peadar O'Reilly, regional director at Venture Structured Finance, adds: "It was great to support a UK success story like HARMAN. The funding package we provided will ensure both the quantum and certainty required to open up new revenue opportunities by maximising available capital."
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