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June 2, 2020

Aldermore funds NHS PPE manufacturer, Mauveworx

Aldermore, the specialist bank, has provided capital funding to Mauveworx, a point of sale marketing company, which has moved to support the production of Personal Protective Equipment (PPE) for use by NHS staff in the fight against Covid-19.

Based in Dorset, Mauveworx ordinarily supply retailers with printed point of sale marketing materials but was inspired to produce face shields for NHS workers following the government’s lockdown. The company utilised its 3D designers, printers, and production team and within a week of the initial idea, Mauveworx, under a new sub-brand Medworx, began successfully manufacturing 50,000 masks. Since then, the company has scaled up production capacity further, currently producing 100,000 masks a week.

Mauveworx initially distributed its first PPE deliveries to Poole General Hospital, Dorset County Hospital and Bournemouth Hospital. The manufacturer is now continuing its efforts to supply health-workers across the country with the protective equipment they need. Their key challenge now is to find out where stock is needed most.

David Sinclair, senior relationship manager at Aldermore said: “Aldermore are incredibly proud to provide the working capital funding to support Mauveworx. During the initial onset of Covid-19, they, like many, saw their business affected overnight. But with out-of-the-box thinking and a talented team they were able to diversify, and in doing so help our amazingly brave frontline NHS workers to literally save lives! Well done to all of the team.”

May 29, 2020

Gorgie Dental Practice in Edinburgh sold through Christie & Co

Gorgie Dental is a four-surgery, mixed-income dental practice which has been established for over 100 years. The selling Partners, Stephen Clark (manager) and Gareth Forde (principal), bought the practice in 2014, and in recent years they structured the business to be mainly Associate led – an appealing proposition for owners.

Commenting on the sale, Stephen and Gareth said, “We spoke with a number of selling agents before deciding on Christie & Co and we never regretted our decision. Paul’s calm approach, professional insight and perseverance navigated the deal through an almost constant stream of challenges towards the sale of the company above the asking price. We are in no doubt that Christie & Co were instrumental in the sale succeeding.”

The practice sits in a well-presented substantial freehold property in Gorgie, a popular residential and mixed commercial suburb approximately two miles west of Edinburgh City Centre. The property benefits from a prominent trading position on Gorgie Road, a busy thoroughfare and main arterial route to and from Edinburgh.

With regular bus services running from this area to the City Centre and beyond, the practice sees a regular healthy footfall and offers a full range of treatments from general family dentistry via the NHS to private and cosmetic treatments.

Paul Graham, head of dental at Christie & Co, who handled the sale, comments, “This is one of a number of deals we’ve successfully completed on during the current Covid-19 lockdown period. The deal was not without its challenges, but with the right methods we were able to overcome these. The offer level received, and the deal successfully completing during this difficult period, is a key indicator to the strength of the Scottish market. Stephen and Gareth were wonderful to work with and it is great to see a successful outcome achieved for them.”

Gorgie Dental Practice was sold above asking price, for an undisclosed sum.

May 28, 2020

Invoice finance firm launches healthcare business support package

Leading UK invoice finance firm Optimum Finance has launched a support service designed for firms in the healthcare sector called Optimum Medic.

Optimum Medic is a specialist invoice finance service designed for businesses supplying the healthcare, medical and pharmacy sectors in the UK.

The new initiative comes on the back of a Covid-19 support package for SMEs launched last month by Optimum finance, the Bristol and London-based invoice finance and fintech firm.

Companies which supply or manufacture in the pharmacy, medical or associated healthcare field can apply for, and receive funding within days from cash tied up in unpaid invoices.

The application process takes minutes and can be done completely remotely through Optimum Finance’s web app.

Businesses will be asked to input basic commercial information to receive an instant offer within minutes. The Optimum Finance team has also created a specific online calculator, which shows how business costs can be saved by using invoice finance to give company owners a clear picture of how they can change their financial position through the pandemic.

Using invoice finance funding can be cost-neutral when taking into account costs associated with credit management, in-house admin resource, delayed payment and bad debts.

Commenting on the new package, Richard Pepler, CEO at Optimum Finance said: “The strain on those businesses which supply or manufacture for the healthcare and medical sectors during this time is unparalleled to anything we have experienced before.

“Unfortunately, there is no magic wand to help every company facing hardship, that is why we are focused on supporting many businesses with measures that can help with long-term survival.

“The healthcare sector is currently the lifeline and backbone of the country in tackling coronavirus and we are incredibly proud to be offering a specific service to these businesses.”

May 21, 2020

Stan Chem provides hand sanitisers amid pandemic with £5.9m funding from IGF

Stan Chem International, a company most notable for its contract manufacturing to top health & beauty brands, and supply of raw materials to chemical, personal care, agriculture and bio agronomy markets, has secured £5.9m in working capital from Independent Growth Finance (IGF). While the facility was secured just prior to the UK lockdown, Stan Chem International used the flexible funding to expand into producing hand sanitisers for key workers.

Founded over 30 years ago, the Reading & Waterlooville-based company specialises in providing its natural botanical ingredients and contract manufacturing to high-profile cosmetic and Health & Beauty clients. After a successful MBI in 2014 led by GIL Investments, the company was looking to secure flexible working capital to provide additional headroom for growth. The company was Introduced to leading independent asset-based lender, IGF, who were able to deliver the funding solution required. This not only to support the company during the Coronavirus pandemic but also once the global economy begins to recover

From perfume and body care products to hand sanitiser

With access to working capital and a growing demand for hand sanitiser, Stan Chem International saw an opportunity. Due to a number of retailers closing for the interim or putting orders on hold because of the pandemic, Stan Chem International had additional operational capacity. As a business that processes large quantities of ethanol to make perfume, combined with the additional capacity available they were in a unique position to adapt to meet the demand.

Thomas Engelen, chairman at Stan Chem International explains: “We saw both an opportunity and a responsibility to step up and supply our hand sanitisers to frontline healthcare workers, the police, and to manufacturers of essential food products during the crisis. Adapting our production lines to produce hand sanitiser required a slight change in process. However, this has proved such a success that we are planning to continue selling hand sanitisers, even after the pandemic is over.”

The funding provided by IGF allowed the business the flexibility to act on this opportunity. Within one week, the company had produced its first hand sanitisers and within four weeks, half a million bottles were distributed to customers. The manufacturer produces four different bottle sizes, to meet the differing needs of customers.

Engelen adds: “When we approached IGF for a refinance we had no plans to produce hand sanitiser. However by seeking a flexible facility for growth, we were able to adapt when the opportunity arose. While our business operations were affected by Coronavirus, adapting in this way meant we could mitigate those risks. But more important, we are able to play our role in helping our country where needed”

The power of flexible funding

By working closely with the management team at Stanchem to understand their business IGF were able to deliver a creative funding solution, which Included Invoice discounting, a revolving Inventory facility and a plant and machinery loan.

Les Litwinowicz, Chief Executive at GIL Investments added: “Having already worked with IGF across other businesses that we’ve invested in we had complete confidence in their delivery. Stan Chem International now has the funding needed to innovate and grow.”

Paul Edmeades, ABL director, at IGF added: “The pandemic has shown us that we all need to look at the World in a different light and those that have the creativity and flexibility to adapt are most likely to succeed. IGF are delighted that we could deliver a funding solution to Stanchem which has enabled them to innovate in such testing times and give them a solid platform for future growth.

The company has expanded its product line portfolio as a result of the pandemic and will look to continue offering the range long-term. Stan Chem International currently operates at £33 million in revenue, and the manufacturer forecasts to see a two-year growth to £40 million.

May 19, 2020

Shining a light on some of the healthcare businesses

A leading medical equipment manufacturer increased its production capacity and workforce to help NHS Nightingale hospitals care for patients fighting the coronavirus, with support from Lloyds Bank.

West Sussex’s RDP Group specialises in medical carts with inbuilt IT systems. It supplies 95% of NHS trusts across the UK with workstations for medical professionals in hospital wards, pharmacies and operating theatres.

In March, the NHS asked the business to produce a new cart to equip its Nightingale coronavirus field hospitals in London, Manchester and Bristol as quickly as possible.

The Group designed and manufactured a bedside cart with the specifications needed to meet the unique intensive care requirements of coronavirus patients in just three weeks. It has now provided thousands of the carts to Nightingale facilities and other NHS hospitals to increase their capacity.

To deliver the vital equipment in the turnaround time required, RDP Group increased its production capacity tenfold, tripled its workforce and engaged a broader set of UK based suppliers and logistics partners to ensure fast delivery.

The initial ramp up in production and tight timetable for delivery put significant pressure on RDP Group’s cashflow. For support, the business turned to longstanding banking partner, Lloyds Bank.

Lloyds Bank fast-tracked an overdraft extension and arranged a multimillion-pound increase to an existing working capital facility for RDP Group in 24 hours – easing pressure on the manufacturer’s cashflow and helping it to complete its biggest ever order.

Duncan McKenzie, managing director, RDP Group, said: “We’ve been a trusted partner of the NHS for 20 years. Our products are designed and manufactured to order, with the specific needs of different medical professionals and the patients they serve in mind.

“For the Nightingale field hospitals, the NHS needed an unprecedented number of medical carts suitable for an intensive care environment quickly. With Lloyds Bank support, we were able to increase and accelerate production to ensure the doctors and nurses working tirelessly on the frontline have the equipment they need to continue giving patients world class care.”

Graham Millward, associate director at Lloyds Bank, added: “RDP Group is an amazing example of a business with a vital role to play during this difficult time, digging deep to support the NHS.

“The facilities we provided helped the firm improve its working capital position during a very busy period and gave Duncan and the team the financial headroom they needed to increase production quickly.”

May 12, 2020

Dentist secures Lloyds Bank loan to provide COVID-19 emergency care

A dental business that is one of only a handful of practices in Cambridgeshire appointed to provide emergency care has secured a Lloyds Bank loan to help it trade through Covid-19 disruption.

Cambridge-based Antwerp Dental Group has been classified as an Urgent Dental Centre by England’s chief dental officer, meaning it receives referrals from NHS 111 and other practices. Highly trained employees with the appropriate personal protective equipment are able to safely administer emergency care.

While all the Group’s eight practices remain operational, offering advice and medication, the main site in Cambridge is providing hands-on treatment services and care during lockdown.

Antwerp Dental Group is currently unable to take routine private practice appointments – which account for over half of its income – prompting Lloyds Bank to offer support.

The dental group has agreed a £550,000 emergency loan with the bank from the government’s Coronavirus Business Interruption Loan Scheme (CBILS) to help it trade through the Covid-19 disruption.

The company, which has turnover of £6.5m, is led by clinical director Raj Wadhwani.

Greg Kane, Antwerp Dental Group’s director of operations, said: “It’s an unusual time for us and our people. While we’ve had to cancel our regular private practice appointments, we’re playing a crucial role in offering emergency care to patients from across Cambridgeshire. Our dentists and nurses are wearing specialist gowns and respirator masks to ensure they’re as safe as possible.

“The team at Lloyds Bank were so quick to offer emergency funding so we can provide care to help the NHS at such a crucial time. The money will also cover us while we’re unable to fulfil routine appointments.”

Mike Philpot, relationship director for the healthcare sector at Lloyds Bank, added: “The team at Antwerp Dental Group have built a fantastic business based on outstanding care and it’s now stepping in to support the NHS. By providing emergency dental care it makes it less likely patients will go to hospital, reducing the pressure on the health service.

“Having supported Raj and his team for the past five years it was a logical step for us to offer some emergency funding at a crucial time until they’re able to fulfil routine appointments again.”

May 11, 2020

Social care provider providing vital coronavirus services with Lloyds Bank support

A social care provider has been able to continue delivering vital services to vulnerable people across Norfolk amid the coronavirus crisis after receiving emergency support from Lloyds Bank.

The Elite Care Connections Company employs 38 care specialists who provide a range of essential services – including dementia care, live-in care and end-of-life support – to people in their own homes in Cromer and the surrounding areas.

The coronavirus crisis has hit the firm’s cashflow, with contract payments stalling and a steep rise in the cost of the personal protective equipment (PPE) its team needs to be able to provide care safely during the pandemic.

Faced with the prospect of being unable to pay her team, Elite Care’s founder and registered manager Tee Carver turned to long-time banking partner Lloyds Bank for support. Within just three days, a significant increase on her business account overdraft had been made available, meaning wages could be paid and more gloves, masks and other PPE bought quickly.

Tee said: “My team’s priority is protecting the NHS by ensuring that we keep people out of hospital if they don’t need to be there. In-home care is absolutely vital to that.
“Not only will this new funding mean that I can continue to pay my amazing care staff, they’ll be able to operate safely – protecting themselves and those they care for with the additional PPE we’ve been able to buy.

“Operating a business like ours during a pandemic is stressful, but the support we’ve received from Lloyds Bank has made a huge difference. It’ll mean we can help the front line efforts by ensuring we can continue to care for people in their homes.”

Katherine Morton, business banking manager at Lloyds Bank, said: “Social care providers are playing a crucial role in the fight against coronavirus and we’re proud to have supported the Elite Care team, ensuring the continued delivery of vital care services across East Anglia.

“Our relationship with Tee spans almost a decade and we were able to arrange the overdraft extension with speed after her initial enquiry. We’re committed to helping small businesses trade through these most difficult of times.”

May 5, 2020

Chemical tech company secures £2.25m investment to accelerate growth

A Liverpool-based chemical technology company that is helping in the fight against dementia, cancer and respiratory illnesses has secured £2.25m in a funding round led by the VC firms Deepbridge Capital and Praetura Ventures.

Liverpool ChiroChem (LCC), the developer and manufacturer of chemical components that are critical to the research and development of new drugs, also saw investment from NPIF – Maven Equity Finance, managed by Maven and part of the Northern Powerhouse Investment Fund.

LCC is a chemistry-based contract research organisation (CRO) that produces and supplies chiral small molecules to the global pharmaceutical and biotech research and development sector. Its goal is to accelerate the discovery and development of new drugs across multiple therapeutic areas including dementia, cancer and respiratory conditions.

Led by Dr Paul Colbon, the business supports a global customer base from its research and development headquarters in Liverpool and its manufacturing facility in Taizhou, China. Recent client wins include two of the world’s top five pharmaceutical companies.

LCC has also announced a number of senior appointments and the launch of a new scientific advisory board that will help maximise the commercial impact of the chemical components LCC develops. With more than 25 years’ experience in senior management across multiple sectors, Stuart Noble joins the business as CFO and will work alongside Dr Paul Colbon and his management team on the next stage of LCC’s growth strategy. They will be supported by industry heavyweight Dr Jason Tierney, who has joined to chair the scientific advisory board. Jason played a leading role in the design of multiple screening libraries for companies such as GSK, that allow new drugs to be discovered and developed.

Dr Paul Colbon of LCC said: “Last year we saw a record number of newly approved drugs hit the market and this new injection of capital and support will really allow us to accelerate production and distribution capabilities. Despite the current challenges facing businesses worldwide, we have been able to pivot our business model to make the most of our time working remotely. In the UK we have been able to invest time into the design and planning of future experiments, while our manufacturing facility in China is once again fully operational.

“This would not have been possible without the commitment of our team and the continued support of our partners. We have a world-class team in the UK and China that are working extremely hard to unlock new chemical space that will underpin the development and discovery of new drugs and I’m looking forward to working together as we embark on the next phase of our growth journey.”

With renewed support from its investment partners, LCC now plans to increase investment in its facilities in Liverpool and China, continue to recruit the best-in-class talent so it can expand its research and development activities to accelerate production and ensure its international client base has the chemical compounds needed to make new drug discoveries.

Dr Savvas Neophytou, a partner and head of life sciences at Deepbridge Capital, added: “LCC was a pre-seed investment in 2014, since then we have led each funding round and have worked closely with its management team on refining its business plan, upskilling and generating defensible positions to facilitate its future growth. We are pleased with the progress that the team continues to make with regards to the discovery and commercial production of novel chemistry. One of the rewards when supporting growth-focused companies is witnessing this growth and success. Our funding of LCC is a great example of how the Enterprise Investment Scheme allows private investors to access early-stage growth opportunities they otherwise may not have exposure to.”

Dr Andy Round, director and life sciences specialist at Praetura Ventures, said: “We’ve worked closely with Paul and his team for the past three years and have been pleased to see the progress the business has made. It has invested heavily in its manufacturing facility in China to meet the demands of the international pharmaceutical sector, and by bringing on board some of the best scientific minds the business can continue to evolve activity in a way that accelerates the development of new drugs.

“As a partner, we always look to invest more than money and we’re looking forward to supporting Paul and his team as they enable their clients to bring new ground-breaking drugs to market at speed.”

Since 2019, Praetura Ventures has raised more than £22m to invest in early-stage business in the North and across the UK. Its current portfolio includes AI and machine learning business, Peak and online delivery platform Sorted. Other recent investments include Patchwork, a rapidly growing healthtech start-up on a mission to solve the NHS staffing crisis and SteamaCo, a technology provider to energy suppliers in emerging markets.

May 1, 2020

Harley Street Dental Studio secures CBILS funding from Santander

Harley Street Dental Studio, a purpose built multi-disciplinary dental clinic, which provides general and cosmetic dentistry, smile makeovers, orthodontics and dental implants, has secured a finance package from Santander UK and the government’s Coronavirus Business Interruption Loan Scheme (CBILS). The seven-figure funding package will support the business, which has had to temporarily close following regulatory advice during the coronavirus pandemic.

Santander UK has agreed a repayment holiday and an overdraft facility, to cover potential losses due to the closure. As well as covering the business’ essential costs, the funds will enable the self-employed dentists to provide a telephone advice service, continuing an essential healthcare service and maintaining contact with their patients.

The Dental Studio is also carrying out some vital refurbishment to the practice while no patients are coming in. This is being further financed by the funding provided by Santander UK.

Dr Adam Thorne, CEO Harley Street Dental Studio, commented: “It is heartening to work with Santander as we, along with the whole dentistry industry, face unprecedented challenges from the coronavirus pandemic. We’ll continue to work together and look forward to welcoming our patients back as soon as we are able to.”

Stephen Clements, relationship director at Santander UK, said: “We’re pleased to support Harley Street Dental Studio to ensure that that once the restrictions are lifted, the team are set to continue delivering excellent care and keeping their patients smiling.”

April 22, 2020

Physiotherapist proves flexible with online sessions

A West Midlands physiotherapist is hosting online consultations and Pilates sessions to help its patients stay in good health during lockdown, after being saved from closure by support from Lloyds Bank.

While Physio & Health Matters, which has four branches in the region, is still able to offer a limited number of face-to-face consultations for those in critical need, appointments are subject to a stringent risk assessment to ensure there is no risk of spreading coronavirus.

So, the group, which has had to furlough almost all of its staff, is also offering consultations via phone, video link and even WhatsApp and Snapchat to its 10,500 patients, around 15% of whom are NHS referrals.

Physiotherapist and managing director Kiran Sharma said: “We’re following advice from the regulator and we’ve been told we can carry on treating people who are in dire need, after assessing the risk to ourselves and patient and while wearing PPE.

“These patients would otherwise end up at their GP practice or in hospital, so it’s about protecting the NHS at a time when it is under huge pressure.

“For our other patients, we are holding telephone and online consultations to give advice and help them manage their pain.”

Pilates classes that would previously been held in clinic have also been shifted online.

Kiran said: “If people are struggling with the anxiety of being indoors, things like online Pilates can really help their mental wellbeing.

But Kiran says the firm’s income has fallen by 80 – 85% overnight and without support it would have been forced to close.

Now Lloyds Bank has provided a £80,000 loan through the Coronavirus Business Interruption Loan Scheme (CBILS).

She said: “My business banking manager Shaun knows my business inside out and he’s always there when we need him.

“Without the funding I would have had to shut the business down. It just wouldn’t have been sustainable. This means that we can carry on.”

As well as physiotherapy, Physio & Health Matters offers a range of services including neuro physiotherapy, nutritional advice, biomechanics, custom made orthotics, Pilates and treatment for sports injuries.

Founded in 2000, it has four clinics: Ross-on-Wye, Balsall Common and two in Redditch.

Shaun Leahy, business banking manager at Lloyds Bank, said: “Physio & Health Matters is providing a valuable service to its patients under very difficult circumstances and it needs extra support during these tough times.

“We’re working with business customers right across the region to offer guidance and help them access the support that’s available, including through CBILS.”

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