25/11/2008

Medical devices company secures £750k follow-on investment from Finance Wales and HSBC

Medical devices developer and manufacturer, Flexicare Medical Limited, has secured £750,000 investment from Finance Wales and HSBC as part of its expansion into new global markets.


The company, based in Mountain Ash, South Wales, supplies a range of products to international blue chip healthcare companies. It has secured follow-on debt funding of £350,000 and £400,000 respectively from Finance Wales, a provider of commercial funding to businesses in Wales, and HSBC. The investment will facilitate the growth of the company’s sales, research and development facility based at its headquarters in South Wales where it employs over 70 people, as well as its expansion into new and existing global markets.

Flexicare Medical Limited was established in 1988. It moved to its current bespoke facility in 1996 as part of an expansion programme which has seen it strengthen its distribution and manufacturing facilities throughout Europe, Asia, the Middle East, and the United States. The company manufactures a wide range of healthcare products such as breathing systems, oxygen therapy, resuscitation, anaesthetic face masks and continence care. It is currently expanding its Chinese operation which will in turn allow it to increase sales and exports from the UK at competitive prices.

“We have undertaken significant global growth over recent years from our base in Wales and this continued investment will ensure we maintain our position as one of the world’s leading manufacturers and suppliers of high quality healthcare products,” said Dr Ghassem Poormand, managing director. “Integral to this is the continued investment in our Chinese operation which will strengthen our standing in Asia and secure our UK base as a global administration, sales, marketing and R&D facility. The investment from Finance Wales and our bankers HSBC ensures we can continue our growth strategy.”

Rachel Miles, Investment Executive at Finance Wales, said the latest funding highlighted how businesses such as Flexicare had benefited from initial investment from Finance Wales to support their growth. “This will be our third funding round into Flexicare and highlights how continued investment can lead to strong growth through increased sales into new territories. We’re pleased to be supporting yet another Welsh business as it expands globally,” she said.

Jonathan Bridgeman of HSBC, the company’s bankers, said: “It’s very pleasing to continue our support to the company by helping them strengthen their Welsh operation, whilst also supporting them with their continued growth strategy into overseas markets.”