International medical device company expands into new premises
An international medical device company has continued to expand its production facilities and has created 300 new jobs thanks to an eight-figure funding package.
The funding from HSBC has enabled Gloucester-based Spectrum Medical to start construction of a new global headquarters consisting of 30,000-square-foot factory and a 22,000-square-foot office space.
As a result, the company will be able to expand development and production of its products.
While bolstering its UK presence, Spectrum Medical has also used the HSBC UK funding to expand its capabilities in Europe, and expand internationally to the Middle East. This strategic shift is in response to an increased demand for Spectrum’s products
Mark Drain, co-founder of Spectrum Medical, said: “The acquisition of our new global headquarters is a major new phase in our growth story, helping us to increase development and production capabilities and assist our expansion into new geographical markets.
“The backing from HSBC UK has provided invaluable support as we’ve navigated our business’s growth against a backdrop of challenges, including the pandemic.
“What’s more, the acquisition of this new headquarters, equipped with modern facilities, will be instrumental in attracting and retaining employees in a currently challenging recruiting environment.”
James Shepherd, area director for business banking in the South West at HSBC, added: “Collaborating with Spectrum Medical on its expansion project in the midst of the complex circumstances created by the COVID-19 pandemic has been an important experience.
“Given the growing demand for life-saving diagnostic medical products, it is imperative companies like Spectrum Medical receive our steadfast support. We eagerly anticipate its continued success and growth.”
In 2005, Spectrum Medical entered the global medical device market with its life saving devices to be used during cardiac surgery. Since then, the business has been committed to becoming a world leader in both perfusion systems for extracorporeal therapies and Health Informatics solutions for the high acuity healthcare space.
