WYCOMBE based company, Ercol, has secured multi-million pound backing for its move to Princes Risborough.

High street bank Lloyds TSB pledged the money to help cover the costs of the move after two years of negotiations.

The company has outgrown its current site in Spring Gardens, High Wycombe.

The money will be used to build the brand new high-tech factory the company plans in Princes Risborough.

It recently acquired a site on the 23-acre Princes' Estate development.

Construction of the new 160,000 sq ft factory site began this month.

Last year Ercol was granted planning permission for flats and houses to be built on the company's Spring Gardens site.

The proceeds of the sale have been put towards the purchase of the company's new site in Princes Risborough.

Ercol chairman Edward Tadros said: "The decision to move was taken when we realised that in order to keep growing the business it would be important for us to improve our efficiencies and abilities to expand by relocating to more modern premises.

He added that the investment the company had secured would allow them to invest in more modern technology.

He said that that would lead to greater savings in terms of space and time.

Mr Tadros said that he was delighted that the move to its new site would allow the business to remain close to its highly-skilled workforce.

He said: "We are delighted we will be remaining within the Wycombe district."

Ercol currently employs 380 people and the new factory will be able to accommodate 400 employees.