Fund helps bio-tech company invest and grow
A Driffield-based manufacturer has won backing from a new £3.25m fund which offers capital grants and loans to SMEs in Hull and East Yorkshire to incentivise business growth, investment, and job creation.
Bio-tech Solutions Limited, which makes health, hygiene and personal care products, successfully applied to the Growing Places Fund.
The company secured more than £13,000 from the scheme to invest in new machinery.
Initially, Bio-tech Solutions mainly worked in the production of pet-care goods, some of which were licensed flea and tick control products. Over time, market requirements changed and it advanced into other markets.
Ian Moulds, managing director, said: “We noticed that since Brexit we were receiving enquires from businesses both within the UK and the rest of the world who were looking to have their products manufactured and packaged in the UK.
“We recognised that this was an opportunity for the company to expand.”
Andrew Tindall, operations manager, added: “In response to the high volume of enquiries we were receiving, we made the decision to acquire additional equipment.
“This capital investment has allowed us to offer a more diverse portfolio of services and turn enquiries into orders.
“The funding certainly helped us in our decision to invest in the idea and purchase a sachet filling machine because it became obvious that there was a need for this service.
“We’re very grateful for the support provided by the Growth Hub Advisor at East Riding of Yorkshire Council and the funding awarded from the Hull and East Yorkshire Local Enterprise Partnership Growing Places Fund Programme.”
Hull and East Yorkshire Local Enterprise Partnership (HEY LEP) is now inviting more local SMEs to apply to the fund.
Stephen Savage, deputy chair of the HEY LEP Investment Panel, said: “I was delighted to recently visit Bio-Tech at their offices and manufacturing premises.
“Bio-Tech are exactly the type of company and business activity the Growing Places Fund is looking to support. I encourage other businesses with innovative ideas looking to grow their business to apply for a grant.”
