Health Sector

Business Loans Case Study

L — R: Alex McWhirter of Finance Yorkshire, Steve Stocks, Executive Chairman Boston Healthcare, Colin Darroch, MD Boston Healthcare, David Hardless, Park Place, Hamish Salmond, Finance Director Boston Healthcare.

Finance Yorkshire provides valuable financial support to the health sector across Yorkshire and the Humber.

The venture capital and loan fund has the financial packages available for a variety of requirements to help businesses achieve their growth ambitions. It can also join forces with other investors to provide gap-funding for specific projects.

Uses for Finance from the Fund include:

· Research and development
· Product/services growth
· Premises expansion
· New property
· Equipment and maintenance
· Working capital
· Employment
· Marketing
· Support for growing international markets
· Market penetration

Health facts and figures:

  • This region contributes significantly to serving a growing worldwide medical device market currently worth £175 billion.
  • More than 300 companies and generating £500 million in Gross Value Added.
  • There are over 10,000 employees in the healthcare technologies sector in the region
  • Employment in healthcare technologies in Yorkshire and The Humber is growing four times faster than the national trend.

Investments in healthcare companies

  • Boston Healthcare

Wakefield-based Boston Healthcare received £1.25 million investment from Finance Yorkshire’s Equity Fund.

The company, which was established in April 2010, will use the investment to procure, market and distribute a range of well-known pharmaceutical products.

The portfolio of over-the-counter (OTC) products produced by Boston Healthcare includes a range of sun protection products and multi-vitamins already available in high street retailers and pharmacies.

  • Broughton Laboratories

Skipton-based analytical testing company Broughton Laboratories has expanded its premises after converting an old rural building into a state-of-the-art drugs storage and testing facility.

Broughton Laboratories, which operates from the grand setting of Broughton Hall estate, was able to transform the unused building thanks to a £90,000 cash injection from Finance Yorkshire.

The renovated property is now being used as a facility for monitoring the stability of drugs within a controlled environment and has opened up growth opportunities for the company.

  • Screen 4 LLP

Barnsley-based Screen 4 LLP, which tests airline workers around the world and drug abusers on home soil, is hoping to reach new markets as spending cuts force public bodies to review their suppliers.

Two new sales executives will head up the development after a £50,000 business loan from Finance Yorkshire helped to fund the expansion by targeting the UK healthcare market, drug rehabilitation and prison sectors.

Note: this case study is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire

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