Broughton Laboratories expands with renovation project
A Skipton-based analytical testing laboratory has expanded business 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.
Dr Paul Moran, who set up Broughton Laboratories in 2006, said: “After much searching for a suitable location, we discovered the building – ideal for purpose – on the estate. With the £90,000 business loan from Finance Yorkshire, we were able to convert it into a pharmaceutical stability storage facility.
“Our company mission is to help our clients (pharmaceutical and healthcare companies) achieve success by delivering a unique and pre-emptive service.
“We do this through our extensive analytical testing and our support services, so this expansion will really help us to take up a lot more business in the future, which in turn will generate more jobs within the company. Over the next two years we will be looking at taking on at least another five members of staff.
“Our client base has recently expanded, adding to our need for more space – so the investment came at the perfect time. The money has helped to create the additional storage and testing space we needed.”
Paul said: “I had met Finance Yorkshire investment manager Jonathan Craig before and was pleased to be able to approach him for funding.
“The investment process with Finance Yorkshire was definitely smooth – the whole thing was very slick. Jonathan was helpful every step of the way.
“Of the finance processes we’ve been through in the past, this one with Finance Yorkshire was definitely the easiest.”
Finance Yorkshire Investment manager Jonathan Craig said: “Broughton Laboratories is known for providing high quality laboratory services and provides an excellent personalised service for a range of healthcare and pharmaceutical clients.
“With a growing business and the introduction of new clients, the company needed to find more space to develop its range of services and, of course, needed the money to do so.
“I am delighted that Finance Yorkshire was able to step up and provide a significant business loan that will help Broughton Laboratories continue their highly regarded work.”
Helping a range of small and medium sized businesses to meet their funding requirements for growth and development, Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m.
The project is supported financially by the European Union. It has attracted £30million investment from the European Regional Development Fund (ERDF) as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme, £15million from Yorkshire Forward’s Single Programme, and £45million match funding from the European Investment Bank.
For more information about Finance Yorkshire, please visit www.finance-yorkshire.com or ring 0845 649 0000.
Note: this news article is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire