Funding will help ethical detergent firm Bio-D ‘clean up’ in new markets

EAST Yorkshire-based environmentally responsible detergent firm Bio-D is aiming to increase sales after securing funding from Absolute Invoice Finance.

The firm, which last month completed a management buyout also funded by Absolute, has been given a £100,000 lending facility to help it break into new markets.

Hull-based Bio-D sells its range of environmentally responsible, ethical and hypoallergenic products such as washing-up liquid through its website and distributors.

The business has already broken into new markets in Holland, which has a large market for organic and sustainable products.

The funding line from Absolute is now enabling the business to aim for similar success in Spain, which is also seen as an emerging niche market.

Lloyd Atkin, managing director at Bio-D, said: “We have always been a cash positive business but as the business invests in new product lines and enters new markets this crucial support from Absolute will enable us to see our client base in Spain and Holland increasing tenfold.

“The funding package from Absolute has enabled us to complete our MBO and approach these expansion opportunities with confidence, as we look forward to achieving 20% year-on-year sales growth over the next five years.”

James Mortimore, regional manager at Absolute Invoice Finance in Yorkshire and the North East, said: “Businesses that are exposed to a variety of overseas markets tend to fare best during periods of domestic economic downturn.

“Bio-D is one of those businesses and has managed to not only survive but thrive during the recession.”