Drug wholesalers PMC Pharmaceuticals has secured a six-figure funding boost and intends to create 25 jobs over the next two years.
The Cramlington-based firm’s shareholders was advised by UNW’s corporate finance team in securing the finance from the North East Growth Plus Fund, managed by FW Capital.
PMC Pharmaceuticals, which is run by two equal shareholders, will use the money as working capital to begin wholesaling drugs from its warehousing facilities on South Nelson Industrial Estate.
Paul McCourt and Paul Healey, who between them have over 30 years’ experience in the pharmaceutical sector, approached UNW to help them secure the investment following the successful receipt of the necessary licences and permits.
Sales director Paul McCourt said: “Securing this level of funding has enabled us to commence trading with state-of-the-art software and distribution systems.
“We expect to create 25 jobs in the next couple of years and deliver a level of service to our customers that will make us their automatic first choice regional supplier.”
UNW senior corporate finance manager Mark Simpson, who worked on the deal with executive Leon Cassidy, said: “This massively experienced management team has used UNW in the past for various financing, acquisitions and tax advice in relation to previous companies and they approached us to help them with this recently established business.
“We produced a financial model and approached various potential funders that we highlighted as relevant from our extensive network.
“Once we had received offers of funding we selected FW Capital as their team demonstrated a good knowledge of the sector, which meant they understood this business really well and they structured investment to facilitate our growths plans.
“We are delighted to have been able to successfully advise the directors once again and look forward to watching the business grow into a successful wholesaling operation.”
FW Capital senior investment executive Michael Vassallo added: “The pharmaceutical sector is growing strongly year-on-year and PMC Pharmaceuticals has set up its wholesale business to capitalise on this.
“The company’s experienced management team has a proven track record in the sector and FW Capital’s investment has provided them with the working capital to set up the operation and fund their stock costs. We were pleased to work with PMC Pharmaceuticals and their advisers, UNW to complete this deal within tight timescales.”
The North East Growth Plus Fund provides debt, mezzanine and equity investments of between £350,000 and £1.25m. It is part of the wider £142m Finance for Business North East programme, backed bythe European Investment Bank and European Regional Development Fund.
To be eligible, businesses must be revenue generating and employ fewer than 250 people.