Injection of funds for Teesside pathology services outfit

Teesside-based pathology services outfit Acculabs Diagnostics has secured £65k funding, helped by Tait Walker’s Corporate Finance team.

The firm, which operates nationally from offices and laboratories in Teesside, Brighton and London, is now likely to create jobs over the next few years.

Fundraising expertise was provided by Tait Walker’s Steve Plaskitt and Dean Crossland, whose strategic advice extended to assisting with Acculab’s business plan, presentation and forecasting.

Law firm Ward Hadaway advised Rivers Capital Partners on the investment from the Finance for Business North East Angel Fund, with Quality Solicitors Punch Robson providing legal services for AccuLabs Diagnostics.

Chris Gordon, chief executive of Acculabs Diagnostics, said: “This is a significant milestone for us. Not only will the funds enable us to develop our existing IT infrastructure, we will also be looking to create a number of job opportunities for the local and wider UK employment market in the not too distant future, which is of course an excellent position to be in.”

Tait Walker’s Steve Plaskitt said: “This secured funding holds much potential for Acculabs Diagnostics and we predict it could see contracts of up to £1 million being won over the coming years. It’s great to be working with a company showing such positive growth and ambition – we are confident this is just the start of a very successful phase for them.”

Elaine McLaine Partner and head of Corporate at Punch Robson based in Middlesbrough advised Acculabs on the transaction.

Elaine added: “Representing Acculabs was such a pleasure. It was also such a delight to work with ambitious and driven directors. To see Acculabs secure these funds and now have the ability to grow is exciting for the company, Tees Valley and the UK. “

Michael Dickens, investment manager at Rivers Capital commented: “Thanks to this injection of fresh capital a number of jobs have been secured and will be created at Acculabs Diagnostics over the coming years.

“At Rivers Capital we are consistently on the lookout for entrepreneurial businesses such as this to invest in across the region and wish Acculabs Diagnostics all the very best for this next stage of growth.”

Imogen Holland, Partner in the Corporate Finance department at Ward Hadaway in Newcastle, led the firm’s team advising on the transaction.

Imogen said: “We are delighted to have played our part in the investment into what is a cutting edge business in the North East.

“We have advised Rivers Capital Partners on a range of investments in companies across the region and it is always rewarding to see how the funding helps to promote innovation and enterprise in the North East.”