Ruth Mitchell

Medical Technology firm receives Yorkshire Bank support

Yorkshire Bank have backed a North East stairlift manufacturers plans to capitalise on the opportunities created by Europe’s ageing population by funding the launch of two new models.

MediTek Ltd successfully bid for funding from Yorkshire Bank’s investing for Growth initiative, and are now launching the Mark II version of its D160 deluxe model stairlift and budget priced entry lift E120.

The D160 deluxe model has improved safety and guarding around its moving areas, improved aesthetics to blend into home décor, and can be fitted on steeper staircases with a up to a 52 degrees gradient.

Both new stairlifts, to be launched later this year, meet European standards and are set to boost turnover and profits for MediTek Ltd, which sells thousands of stairlifts each year throughout the UK, Europe, the US, South Africa, Australia, New Zealand and Japan.

MediTek Ltd managing director, Philip Rice, said: “These two models; developed and manufactured in-house, will enable us to secure further growth in the UK and overseas.

“We see much of this coming from the UK, which represents 40 per cent of the global market: as the Government spends a great deal on mobility aids through the NHS and local authorities whereas, in most other countries, stairlifts are bought privately.

it is noe hoped the the budget model will help the firm maintain sales in the more competitive economic climate, and the deluxe model will boost sales by highlighting their approach to quality.

The firm is now looking forward to exploit the potential of the Chinese and Indian markets, and is looking to create more authorised distributors.

MediTek Ltd was formed in County Durham in 1996, and has a £4 million turnover. The firm, which also has a base in North Carolina to serve the US market, employs 40 staff.

Paul Wells, business partner at Yorkshire Bank Tees Valley Financial Solutions Centre said: “An ageing population, and emerging markets with more disposable income will enable this first-class manufacturer to expand, and Yorkshire Bank is pleased to be supporting them through our Investing for Growth initiative.”

Yorkshire Bank’s Investing for Growth initiative enables businesses to take advantage of loan repayment holidays, interest-only repayments and extended loan and credit terms designed to take advantage of quality growth opportunities.

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