Medical group secures £900,000 funding to support growth
A Birmingham medical group has secured £900,000 of funding to support its growth plans.
Bibby Financial Services (BFS) provided the trade finance and invoice finance facility to Henly Arthur, a member of V2M Healthcare Group.
Henly Arthur Ltd is an exclusive importer and distributor of medical devices and supplies to various public and private companies throughout the UK and EU.
The business operates a global supply chain, with partners in China and Thailand, among other overseas markets.
V2M Healthcare Group acquired Henly Arthur as their preferred supplier of consumables.
Operating from its headquarters in Birmingham, Henly Arthur has already recorded impressive revenue figures. In its first full year of trading, the business counted sales of £1.7m and is looking to more than double that figure over the next 12 months.
The funding line from BFS will allow Henly Arthur to meet its working capital requirements and place the overseas orders it needs to fulfil growing demand in the UK.
The facility also includes a foreign exchange line which will facilitate payments with overseas suppliers and maintain a steady level of cashflow. In addition, the funding will allow the business to more easily scale up its workforce and operations in the UK and Europe.
Maninder Kaur Rai, CEO, Henly Arthur, said: “The funding facility provided by BFS is ideally suited to the global growth of our brands. Chris Sygrove and the team at BFS took interest in Henly Arthur and our entire group operation very early on and dedicated the necessary time to get to know our priorities, in spite of the difficulties posted by the pandemic.
“The integration of Foreign Exchange within the Trade and Invoice Finance funding line will allow us to overcome the multiple complexities of trading overseas, supporting our cashflow and providing protection against currency fluctuations.”
Chris Sygrove, corporate manager, Bibby Financial Services, said: “We worked hard to understand the business model and requirements of Henly Arthur Ltd, which allowed us to design a facility that will help the business maintain its relationships with overseas suppliers.
“BFS is always looking to champion young, outward looking SMEs and we are looking forward to witnessing the business continue its impressive growth trajectory.”