Metropharm specialises in the sale of over-the-counter medicines, fast-moving consumer goods (FMCGs) and health and beauty products. The Surrey-based business, which has experienced rapid growth since it was Incorporated in 2016, is now targeting Wholesaler Dealer’s Authorisation (WDA). It also aims to become MHRA-approved, enabling a move into the licensed pharmaceuticals market.
Product: Revolving credit facility (under the CBILS scheme)
Refinance an existing facility and boost working capital.
Growth Lending’s investment will support Metropharm as the business embarks on its next stage of growth. The fast-growing firm has outgrown the credit appetite of its existing lender, which provided an invoice finance facility, so the funding will be used to refinance this facility, as well as supporting the company’s working capital needs in the wake of Covid-19.
Jack Trowbridge, Growth Lending’s commercial director, says: “We are delighted to be supporting Metropharm with a CBILS loan. Our team has extensive experience of underwriting concentrated debts, so our revolving credit facility enabled us to provide greater leverage than the firm’s previous lender.”
Rupesh Patel, Metropharm’s managing director, says: “Growth Lending has been able to provide a bigger facility than our previous lender, injecting significant cash flow into the organisation during the Covid-19 pandemic. This has been vital for business continuity and growth. The monthly reconciliation is clear and simple, so the facility is easier to manage than our previous arrangement, too.”