Medical device company planning major expansion following investment

A medical device company is expanding its production facilities and creating 300 jobs after securing millions of pounds of funding.

Cheltenham-headquartered Spectrum Medical said the money from HSBC is being used to build a new global HQ including a 30,000-sq ft factory and a 22,000 sq ft office.

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.”

Spectrum Medical entered the global medical device market with its life-saving devices used during cardiac surgery just under 20 years ago.

The business now provides high-performance technologies to the healthcare sector.

James Shepherd, area director for business banking in the Southwest at HSBC UK, said: “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.”

Spectrum Medical has its UK corporate headquarters in Cheltenham.


Click here to sign up to receive our new South West business news...