Broker PMD Business Finance has arranged a £4.7m (€5.3m) facility for M&A Pharmachem, a supplier of paracetamol-based products to the National Health Service (NHS).
The business, based in the Manchester area, has used the funding to replace and upgrade its two-decade-old packaging machines, in order to expand production. Prior to receiving the facility, it had already invested £5m in plant and equipment.
The owners were introduced to PMD by their accountancy firm, Barlow Andrews, following what they described as a setback “at the eleventh hour” with their main business banking provider.
M&A managing director Gerard Passegno said: “The majority of our projects have been self-financed, but some have been backed privately.
“These new machines are set to increase our current capacity significantly. It is an exciting development for us as a company, because it will enable us to tender for different types of business and will also open up the possibility of further export markets.”