A wholesale distributor of pharmaceutical medicine has secured a six-figure finance package from Yorkshire Bank to help service two big contract wins.
Having won multi-million pound orders from AAH, owner of retailer Lloyds Pharmacy, and Alliance Healthcare in the first quarter of 2012, Yorkshire Bank has provided Chorley-based Currentmyth Limited with a £700,000 invoice discounting facility to allow the firm to purchase increased levels of generic medicines to fulfil these orders.
The business posted a turnover of £4.8 million in 2011, and, after a strong first quarter, is on track to increase this to £8 million in 2012.
Lou Andrews, managing director of Currentmyth, said: “These contracts have provided a big boost to our first quarter performance. It’s been a good start to the year and we are seeing growth in generic medicines, not just in the UK, but Europe as well.
“Securing this finance facility with Yorkshire Bank allows us to invest in more medicines and look to new clients across the EU to expand our business.”
Currentmyth is based in a 1,400 sq ft storage unit in Chorley, Lancashire, employing four employees.
Paul Swanick, business partner at Yorkshire Bank’s Bolton Financial Solutions Centre, said: “The Bank has worked with Currentmyth since 2009 and the business has gone from strength-to-strength since. With over 30 years’ experience in the pharmaceuticals sector, Lou has the expertise to spot quality growth opportunities and take advantage of them – and as a result has turned Currentmyth into one of the UK’s leading pharmaceutical distributors.”
The business was founded in 1996 by Lou but has grown substantially since 2009 after diversifying into new product ranges, and investing in more generic medicine. It supplies hundreds of clients throughout the UK and purchases medicines from major manufacturers across the world including Arrow Generics, Lexon and Waymade Healthcare. One of Currentmyth’s most distributed products is the cholesterol management drug, Simvastatin, where over 100,000 units are dispersed each month.