Peckforton nets further investment
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A week after deploying its new MEZZ fund for the first time, YFM Equity Partners has re-invested in Peckforton Pharmaceuticals.
The £1 million funding package has been secured alongside fellow existing investor Enterprise Ventures and the management team.
Cheshire-based Peckforton supplies speciality pharmaceuticals, such as injectable drugs to hospitals. According to a statement it has been rated as the number one supplier to the NHS Commercial Medicines Unit for the past five years.
YFM initially invested £300,000 back in 2007 through the North West Business Investment Scheme, during which time the firm has worked in partnership with the management team of Peckforton and Enterprise Ventures to grow the business, says Angela Warner, YFM portfolio director.
She adds, 'This additional financial investment will enable the team to develop its business both nationally and internationally.'
The pharmaceuticals business is said by YFM to possess the regulatory expertise to source low-cost products in countries such as India and gain the necessary approvals to bring them to market in the UK.
Julian Viggars, head of technology investment at Enterprise Ventures, comments, 'Peckforton is experiencing rapid growth as a result of new contract wins, licence approvals and new product launches. The company has won over 80 per cent of contracts it has bid for over the past four years and has been named as the leading supplier in its field to the NHS.
Paul Boulton, managing director at Peckforton, says he is 'delighted' by the continued confidence shown by its current investors.
He adds, 'This investment will allow Peckforton to progress its development pipeline and consider expanding into continental Europe.'