08/10/2013

Finance Wales hears request for funding as Accountants listen to hearing company's growth plans

Finance Wales has invested £80,000 in Bridgend based Malmo Hearing Limited (Malmo) from the Wales SME Investment Fund as the privately owned, family run audiology company embarks on an expansion programme throughout South Wales.

Owners Mal and Mo Johnston previously founded and developed The Hearing Company (Bridgend) Limited as a franchise from 2008, before establishing their own company, Malmo in 2012.  In addition to their High Street Practice in Bridgend, they currently have 12 clinics in Bridgend, Treorchy, Penarth, Caerphilly, Porth, Talbot Green, Maesteg, Pontypool, Barry, Swansea Haverfordwest and Blackwood.  Finance Wales has provided a loan to help the company continue expanding.  Advised by Graham Paul Chartered Accountants, Malmo employs five experienced and Hearing Care Profession Council Registered audiologists and three practice administration staff.

Malmo is a member of the British Society of Hearing Aid Audiologists (BSHAA) and provides hearing tests and expert advice on overcoming hearing loss.  Malmo is able to supply and fit all makes of hearing aids from all the leading manufacturers and can help with the provision of individually tailored solutions for all types of hearing difficulties.

Director, Mal Johnston explains: “Wearing hearing aids can transform the lives of people that suffer from hearing loss. We specialise in providing local hearing care for local people. We have partnerships with pharmacies, doctors’ surgeries and opticians throughout South Wales, enabling us to offer a customer-focused and community-based service. Expanding our work throughout South Wales is the focus of our business strategy as we look to further develop the clinics that we offer. The support from Finance Wales and Graham Paul will help us to achieve this.”   
 
Finance Wales Investment Executive, Cenydd Rowlands adds: “Malmo is a strong family business that provides customers in South Wales with a local service.  Mal and Mo have a proven track record in this sector, having run the business as a franchise before buying it in 2012.  They’ve come up with a cost effective model to expand by opening up more clinics in partnership with other healthcare providers. Finance Wales’ loan gives them the backing they need to put their plans into action and we look forward to building a lasting relationship with the company.”

Andy Lee, Director of Graham Paul Chartered Accountants adds: “This deal proves that, with the right plan, there is funding available for SME’s in Wales who want to achieve growth. It’s great to be working with Finance Wales and we wish the team at Malmo every success.”

There are more than 10 million people in the UK with some form of hearing loss, or one in six of the population. From the total 3.7 million are of working age (16 – 64) and 6.3 million are of retirement age (65+). By 2031, it is estimated that there will be 14.5 million people with hearing loss in the UK. 1.4 million of these people use hearing aids on a regular basis.