Six-figure loan to fund new jobs at medtech firm

A Loughborough-based medical device manufacturer has received a six-figure loan which will enable it to create a number of new jobs.

Uvamed – an approved NHS supplier – has secured the £250,000 loan from the Midlands Engine Investment Fund (MEIF), provided by The FSE Group Debt Finance Fund and backed by the Recovery Loan Scheme (RLS).

The company says it will invest the cash in new warehouse and sales staff, patents and tooling.

Keith Fawdington, managing director at Uvamed, said: “The pandemic put our initial plans on hold as health services everywhere were overwhelmed. As our funding requirement didn’t fit traditional loan criteria, the MEIF investment proved crucial for us to expedite growth and get the products into hospitals. We look forward to having The FSE Group and MEIF on board as an investor.”

Ann Marie McFadyen, investment manager at The FSE Group, said: “Keith and his team have created an award-winning and industry-recognised solution to an identified market gap. They have expanded the range to provide for a number of medical environments and needs, including tamper evident trays, and they are working on a trauma tray for military field surgical teams. There is clear potential for the Rainbow Tray to become a go-to tool in operating theatres across the world and we are delighted to be supporting this dynamic team to achieve its potential.”