Birmingham-based business, Veenak International, has established itself as one of the UK’s leading wholesalers in the healthcare space. Their medicines, medical devices and disposables, such as bandages and dressings, are found in pharmacies and healthcare practices in the UK, across Europe and beyond.
The 25-year old pharmaceutical veteran has seen steady growth in recent years but has ambitious targets for the future. After seeing increasing demand for their pharmaceutical and healthcare products from a growing, international client base, the company set its sights on doubling revenue within just five years. However, funding limitations were holding the business back from further expansion.
Last year, Veenak International approached Bibby Financial Services (BFS), who were able to structure a bespoke funding package of £8m for the business in a short timescale. The facility which includes asset-based lending, trade finance and foreign exchange, provided Veenak with the flexibility to quickly access cash as and when it needed to.
Over the past year, Veenak has managed to grow into new markets and expand its product offering, branching into medical devices such as diabetic test strips and womb care items. The business is set to almost double its revenue from £21m in 2018 to £40m in the current financial year.
The company is now looking to solidify its position in the markets it operates in and plan for more sustainable and consistent growth.
To help the company expand its product range and strengthen its already sophisticated global supply chain, BFS has increased the company’s asset funding to £10m. Veenak is now looking to stock over 100 products and prepare for further growth despite current economic uncertainty in the UK.
Shan Hassam, Group Managing Director, Veenak International Ltd, said: “The demand for our products over the last few years has been unprecedented. We have expanded into new markets and diversified our product portfolio. However, our growth ambitions were hindered by funding limitations.
“BFS took the time to really get to know our business and understand our clients, both here in the UK and overseas. Their dedication and level of attention has made them an extension of our business. The support is helping us to grow outside of our core business and make meaningful strides into product expansion.
“By providing us with day-to-day support as well as the additional financial support, BFS has provided Veenak with the platform to solidify our presence in our international markets and continue expanding our client offering. We have set ourselves ambitious targets, but we are confident in the health of our business as we grow”
Jonathan Myerscough, Relationship Manager at Bibby Financial Services, said: “Veenak International’s growth plans are well thought out and based on good business health. The team understands their markets and clients and set themselves ambitious but achievable targets that can be reached through consistent and sustainable growth.
“The success the company has achieved is testament to the importance of having access to flexible funding to support growth.
“The new funding will help Veenak International bolster their market presence and meet the demand of their clients globally.”