Pharmaceutical wholesaler secures multi-million pound funding line

A major wholesaler of pharmaceutical and healthcare products has been boosted by an £8m funding line as it looks to break through the £30m turnover barrier by 2019.

Bibby Financial Services provided the asset-based lending facility to Veenak International, based in Birmingham.

The company provides a wide variety of medicines, medical devices and disposables such as bandages, dressing and syringes.

Its products can be found in pharmacies and healthcare practices across the UK and Europe, including Germany, Italy, Netherlands, Spain and Ireland.

Veenak’s expertise in negotiating import and export regulations efficiently, providing its customers with the medical products they need quickly has driven demand for its products over the years.

Veenak has ambitious plans for the future and is aiming to increase revenues from £28m in 2017 to over £35m by 2019. T

To facilitate this growth, Veenak required additional working capital to serve an ever-increasing number of customers.

The new facility provides Veenak with the flexibility to quickly access cash as and when it needs to, allowing it to serve more customers and invest in the future growth of the business.

Shan Hassam, group managing director at Veenak International, said: “We strongly believe that sourcing the medicines and supplies needed by the healthcare sector should be a streamlined and hassle-free process. To achieve this, our business must operate at maximum efficiency and our ability to access cash quickly is an integral part of that.

“The facility from BFS provides us with working capital that we can rely on when we need to. The BFS Corporate team demonstrated an in-depth understanding of our business and its needs and built a facility around that. With this new facility in place, we can focus our efforts on working to expand our customer base and growing the business.”