Yorkshire healthcare company “back on track” with £250k investment
A Yorkshire healthcare communications company has announced that it has received a £250k investment to support its growth plans.
Luto, based in Bradford, has secured an investment of £250k from FW Capital , part of the Northern Powerhouse Investment Fund (NPIF).
The company specialises in writing and designing clear and user-friendly health communications such as educational materials and package leaflets.
The FW Capital funding will support Luto’s growth plans and recovery from the disruption of the Covid-19 pandemic.
Additionally the funding has secured the jobs of 14 full-time and one part-time staff members and created five further roles.
Founded in 2004 by academics from Leeds University, Luto has diversified to include information design and usability testing.
Currently the business has more than 25 global pharmaceutical clients and supports work in Europe and America.
Wayne Middleton, managing director, Luto, said: “Like many businesses, Covid-19 has caused disruption to our operations and has forced us to change the way we work.
“Our relationship with FW Capital allowed us to stay resilient during this time and has helped us into a strong position going forwards.
“FW Capital and NPIF were great to work with and really committed to helping us get the funding we needed.”
Anne Blanden, senior investment executive, FW Capital, commented: “Luto is a profitable and exciting business, steered by a very experienced managing director who has an excellent track record of running this successful business before his ownership.
“This investment was a good opportunity for us to help Luto to navigate the effects of Covid-19 to get the business back on track while continuing to pursue its expansion plans.”
FW Capital provides loans of £100k to £750k to businesses based in the NPIF region with a focus on the North West, Cumbria and Tees Valley.
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