Yorkshire pharmaceutical firm wins ground-breaking £1.25m investment
A pharmaceutical company started by a team of senior managers has been awarded £1.25m by Finance Yorkshire’s Equity Fund – the investor’s largest investment to date.
Wakefield-based Boston Healthcare will use the cash injection to procure, market and distribute its recently acquired portfolio of over-the-counter (OTC) pharmaceutical products, which includes well-known brands such as Uvistat sun protection and Dalavit multi-vitamins.
The founders, all of whom were already working within healthcare before starting the company in April 2010, have more than 60 years’ industry experience between them. Explaining their plans for the investment, executive chairman Steve Stocks said:
“Our focus is on OTC brands that people know and have trusted in the past. We are looking to bring them back to life through more creative and innovative marketing, through partnering with our retail and wholesale customers and by increasing the on-shelf presence of each of our products.”
Colin Darroch, managing director of Boston Healthcare, added: “Every product is going to have its own individual website – I am a strong believer in digital marketing.”
The ground-breaking investment concludes Finance Yorkshire’s first year of investing in business. Supported financially by the European Union, the organisation provides seed corn, loan and equity linked investments – ranging from £15,000 to £2m – to small businesses, for growth and development.
Having attracted a £30m investment from the European Regional Development Fund’s Yorkshire and Humber Programme, as part of Europe’s support for the region’s economic development, Finance Yorkshire has also acquired £15m from Yorkshire Forward’s Single Programme , and £45m match funding from the European Investment Bank.
Reflecting on the Boston Healthcare deal, Alex McWhirter, chief executive of Finance Yorkshire said: “This is a significant investment and demonstrates that Finance Yorkshire can operate at this level.
“The company needed investment and Finance Yorkshire was able to provide the right equity package to fit their needs. We intend to build on this success by completing more of these types of deals in the future.”