Tees Valley pathology firm secures £325k loan for growth

A Tees Valley pathology organisation has secured a £325k loan to help the business grow and invest in new equipment.

Acculabs Diagnostics UK has received the CBILS backed loan with the help of North East accountancy and advisory firm, MHA Tait Walker, from NPIF – FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund.

The loan will be used to acquire equipment and working capital as well as help the business to continue to grow.

This is one of the first NPIF loans backed by CBILS to be secured through FW Capital which was recently announced as an accredited lender under the Government’s CBILS scheme.

The deal was facilitated by FW Capital investment executives Keith Charlton and Sam Streckert.

Keith Charlton commented: “The NPIF and CBILS backed funding we have provided to Acculabs enables them to continue to support the Government in the fight against COVID-19. Acculabs is a well-established business and our funding allows them to look to the future and build on this existing success.”

Chris Gordon, chief executive at Acculabs Diagnostic UK, added: “We’re delighted to have secured the NPIF & CBILS funding and are hugely grateful to MHA Tait Walker and FW Capital for providing their expert support.

“This injection of capital offsets any COVID-19 induced cashflow concerns and will allow us to continue our growth in 2020 and beyond.”