‘Life’s work’ ends for Driffield healthcare manufacturer

A Driffield healthcare manufacturer has been bought for £1.25m by an ambitious North East skincare specialist.

Bio-Tech Solutions (BTS) has been the “life’s work” of Ian Moulds but now it has been swallowed up by SkinBioTherapeutics, which also acquired foot product specialist Dermantonics earlier this year.

BTS is a well-established manufacturer and supplier of health, hygiene and personal care products and has the capacity to produce liquids, topical creams and lotions as well as tablets and capsules, manufactured to GMP standards. It currently has 23 employees.

Moulds said: “I’m very happy to be handing it over to the SkinBioTherapeutics team, where it can be become a fundamental part of a bigger entity.

“Stuart (Ashman) and his team have done extensive due diligence and during this process we have got to know each other very well. I fully support SkinBioTherapeutics’ growth plans in the skin and personal healthcare sectors; BTS and its team are passing into good hands.”

The acquisition is being funded through debt and equity provided by long term shareholder, David Brierwood, as well as Group cash reserves.

Stuart Ashman, CEO of SkinBioTherapeutics plc (pictured), said: “This is the second acquisition we have made as part of our buy-and-build strategy to generate immediate and longer-term benefits to the SkinBioTherapeutics Group.

“As with our acquisition of Dermatonics earlier this year, this deal brings in revenues, positive EBITDA and cash, as well as providing the Group with cost synergies. We gain access to an important and varied customer base in the healthcare space with an excellent team which we intend to retain.

“I’d like to thank David Brierwood for his help in completing this deal. He has been a long-term supporter of both SkinBioTherapeutics and our strategy to transform the group through acquisitions of complementary businesses.”