Lynch Healthcare expands thanks to £100,000 investment
A North East healthcare manufacturer and supplier is expanding, thanks to a £100,000 investment into the business.
Lynch Healthcare specialises in equipment for individuals with disabilities, including ceiling and pool hoists, shower chairs and changing tables.
The firm, who already works with a number of public and private sector clients, is now looking to grow even bigger, thanks to the investment from the Finance for Business North East Growth Fund, administered by NEL Fund Managers.
Using the capital, Lynch now plans to tender for larger contracts, and in the comming months will be adding to its 7-strong team to help with the process.
David Lynch set up the company six years ago, after managing a similar company for six years.
He said: “We set ourselves apart from the competition through the superior personal service that we provide to all our clients, which gives us a business model and culture that we’re very confident we can replicate right across the UK.
“The targets we’ve set ourselves for this year are ambitious and demanding, but we also feel they’re very much realisable, and the resources we know have in place give us the capital flexibility to go after the larger contracts that we know we can win.”
David also spoke positively about the support offered to him and his company.
He added: “The NEL team’s approach made their offering a great fit for our needs – they quickly understood the investment case we put forward and saw the positive difference that this new capital would make to our business.
“We also really liked the premise of the Growth Fund, with our success creating new resources that will eventually become available to other developing regional businesses through its legacy fund, and we’re looking forward to making a strong contribution to this over the coming years.”
Lynch was awarded the funds after demonstrating a detailed knowledge of a niche market, alongside an ambition to maximise their potential as a company.
Graham Cornforth, Corporate Finance Manager at Haines Watts, who advised Lynch Healthcare on the investment, says: “We worked closely with David to assess all funding options, and it was clear from our initial meetings that NEL Fund Managers, via the Finance For Business North East Growth Fund, were very supportive of the business plan.
“With this additional funding, Lynch Healthcare can plan for significant growth in turnover, both through expansion into new markets and new products, and its infrastructure investments will also lead to the creation of several new full time positions.”
Aimed at regional businesses which are at a development and growth stage, the Growth Fund forms part of the wider Finance for Business North East Fund.
Managed by North East Finance, it will see £125m of investment capital injected into the region by the European Investment Bank, the European Regional Development Fund 2007-13 and the regional development agency over the next five years.
NEL is looking to make around 130 investments over the five-year life span of the Growth Fund, and is actively looking to speak to ambitious north east companies with robust business plans.
This was posted in Bdaily's Members' News section by Ruth Mitchell .
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