Loan helps laboratory services firm expand following acquisition
A business providing decontamination services to research centres is expanding, backed by a £150,000 loan from NPIF – Mercia Debt Finance, which is managed by Mercia and part of the Northern Powerhouse Investment Fund.
Doncaster-based IP&C Solutions has secured the funding to support the growth of the company following its acquisition of British Clinical Services (BCS), a Wolverhampton firm which specialises in installing and testing laboratory safety cabinets.
The two businesses, which are amongst only a handful of specialists in the UK, between them serve clients nationwide including Oxford and Cambridge Universities, the NHS and Cancer Research UK.
The funding will allow IP&C to take on two new staff to service the additional contracts and pursue its aim of becoming a key force within the laboratory services sector.
IP&C was founded in 2017 by Neil Anderson, who has over 25 years’ management experience in industry and shipping, and Carol Duke, a former BCS technician who also has over 20 years’ experience in office management.
Anderson said: “We initially focused on building our client base but soon recognised the potential to expand our services.
“After working alongside BCS on a number of projects, we saw it was an ideal fit. This funding will allow us to take on the additional workload, while continuing to build our expertise and our profile within the laboratories sector.”
The acquisition of BCS has enabled the retirement of the previous owner. The business will continue to trade under its existing name.
Pete Sorsby, investment manager with Mercia, said: “IP&C Solutions has gone from strength to strength since its inception just over two years ago, and is now an established name within the industry with a loyal client base.
“This funding will enable Neil and Carol to expand the scope of their services and their geographical coverage and take the business to the next stage of development.”
Mark Dickinson and Kelvin Fitton from Smith Craven Chartered Accountants advised IP&C on fundraising while Andrew Best of HSR Law provided legal advice to the company.
Mark Wilcockson, senior manager at the British Business Bank, said: “We are pleased that NPIF is able to support IP&C with funding for its growth following this acquisition.
“The funding will be used to accelerate the businesss forward and this investment demonstrates how NPIF can make a real difference to businessses across the Northern Powerhouse region, allowing for a more prosperous regional economy.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.