Yorkshire Bank backs pharma ‘specials’ business
BESPOKE medicine supplier Vertical Pharma Resources, trading as Integrated Pharmaceutical Services (IPS), has received major financial backing from Yorkshire Bank in Leeds.
The deal, also backed with investment from private equity house Elysian Capital, allows for the exit of two of the original four founders of the business and provides funds for expansion.
Yorkshire Bank is providing a multi-million pound funding package through its corporate and structured finance team alongside funds from Elysian and reinvestment by the management team.
IPS, based in West Molesey, Surrey, supplies pharmacies with medicines based on standard drug compounds but adapted to meet the needs of individual patients.
It supplies direct to pharmacies, mainly within London and the South East, and has seen steady increases in sales over the past few years.
Ashok Patel, the current managing director, and Girish Patel, the procurement director, will take the company forward with support from the recently appointed chairman Dr Chai Patel, who founded and sold the Priory Group alongside Elysian founder Ken Terry.
The Yorkshire Bank team was led by Robin Womersley.
He said: “IPS has established a loyal customer base on the back of its highly efficient manufacturing operation and strong track record for reliability. This deal will enable a continued solid foundation for the future and ensure the continued expansion of the business.”
Edward Brett, director with Elysian Capital, said: “Elysian are delighted to have the opportunity to back Ashok and Girish to take IPS forward. They have built a high quality business with strong entrepreneurial roots and we very much look forward to working closely with them to help IPS continue to flourish.”
