An East Kilbride-based pharmaceutical wholesaler is bolstering its domestic and international business and increasing its headcount after securing a seven-figure funding package from HSBC UK.
Target Healthcare Group is looking to double its imports of specialist medicinal products over the next year and increase the number of UK products it ships overseas using the bank’s funding, which includes an invoice finance facility as well as trade finance loans.
To support the growth, the Group is recruiting an additional 15 employees, including ten new jobs in sales, marketing and logistics, as well as up to five pharmacists.
Increased import capacity will also help the Group stockpile certain medicines ahead of Brexit, where shortages or inconsistencies in supply chain may be felt after the 31st of October.
Lewis Campbell, Managing Director at Target Healthcare Group, said:
“We have the opportunity to grow massively in the domestic market and HSBC UK’s funding has put us in a strong position to seek new opportunties and attract new customers. The financial support is also enabling us to look further afield and expand our export work, offering specialist products from the UK to customers abroad.”
Grant Bett, Relationship Director, HSBC UK, said:
“Target Healthcare Group is an ambitious business that has spotted clear growth opportunities within the UK as well as abroad. We’re pleased to support the Group as it increases its capacity to supply specialist medicines to individuals at home and abroad through both imports and exports.”
Established in 2012, Target Healthcare Group comprises Target Healthcare Ltd & Temag Pharma Ltd. The Group supplies generic, branded and unlicensed medicines to pharmacies, dispensing doctors, hospitals, pharmaceutical wholesalers and buying groups throughout the UK and Europe.