Derbyshire-based Aztec Oils, an industrial-lubricants specialist, has secured a £250,000 loan (to support its growth) from NPIF-Mercia Debt Finance, which is part of the Northern Powerhouse Investment Fund.

The company will use the money to fund the first stage of a three-year £1.2 million expansion project that will increase storage capacity and turnround times at its Bolsover site.

It manufactures high-performance lubricants and distributes them to a wide range of sectors; it is targeting 20% growth in the current financial year, having increased its turnover by 18% last year.

Aztec Oils (www.aztecoils.co.uk) was established in 1995 by CEO Mark Lord and initially operated from a shed on the Bolsover site.

Now employing 85 people, the company has grown steadily, and it has made a number of acquisitions in recent years, including Midlands-based Oiline Ltd in 2010, Northern Oils in Scotland in 2016, and Netherlands-based OWT Services BV earlier this year.

It has also been successful in developing new export markets, with recent sales to countries including Pakistan, Iraq, Ghana and Ukraine.

Mr Lord said: “Our focus on quality has made Aztec Oils one of the leading manufacturers and distributors in the UK lubricants industry, and we are constantly researching new developments to remain at the forefront.

"The new facilities will allow us to stock a huge range of products and to process orders in less than two days, securing our position as the provider of choice.”