GLASGOW-based office refurbishment firm Insite Contracts is looking to expand its business after securing a £2 million asset-based loan from Independent Growth Finance (IGF).

The business, which was founded in 2004, initially provided refurbishment and fit-out services in the office and healthcare sectors.

More recently, it started doing maintenance work too and, after forming subsidiary company Insite Cladding and Roofing, is looking to grow the business further by bringing on board additional staff.

Managing director Scott McMillan said IGF’s “straightforward, efficient funding model” would allow the business to “focus on continuing our growth”.

The firm, which works across Scotland and the North of England, has experienced growth in both turnover and profits in the past few years, with the former more than doubling from £5.2m in the year to October 2010 to £11.6m in the year to October 2015, the most recent for which figures are available.

Pre-tax profits more than trebled from just over £206,000 to £772,000 over the same period.

IGF, which specialises in making asset-based loans to small and medium sized enterprises, launched in Glasgow last year and initially set aside £5m to lend in the Scottish market. It doubled that to £10m at the end of the year after seeing a high level of demand.

The business, which was founded in 1997 and has a network of offices throughout England and Wales, uses cash raised from its private-equity backer Spring Ventures as well as bank finance to fund its loans.