Cheshire healthcare specialist raises £5m to support “ambitious growth targets”
A Cheshire healthcare company is pushing forward with “ambitious growth targets” after it secured a £5m funding facility from Tradeplus24.
Specialising in genetic testing and healthcare diagnostics, Everything Genetic’s funding follows strong revenue growth for the business, which reported £35m turnover over the last financial year.
The business, which was established in 2016, recently bolstered its genetic screening expertise to develop Covid testing kits and announced a deal to supply hundreds of Tesco stores nationwide with lateral flow tests.
The financing package from Tradeplus24 will start at £1.8m, before growing to £5m, in line with Everything Genetic’s targets. The business has sold more than a million test kits across its Covid and genetics testing capabilities over the past 18 months, allowing it to make a further £1m of investments and acquisitions.
Everything Genetic’s CEO and founder, James Price, said: “We’re delighted to have received the funding approval from Tradeplus24. It’s a significant deal which underpins the wider confidence into the life sciences sector and one which will help us to bolster our presence across the UK.
“From pioneering vaccines to the roll out of public health interventions, the UK is undoubtedly emerging from the pandemic as a life science powerhouse.
“We feel privileged to have played a small part in that; helping individuals and businesses of all sizes navigate the complexities and ever-changing landscape of Covid testing. Our tests and services have enabled people to travel abroad, do business and see loved ones.
“We’re incredibly excited to see how we can deliver solutions for consumers and the business community whilst building the business further in the years to come, which this investment will certainly help us to realise.”
Kevin Vendel, commercial director at Tradeplus24, added: “Everything Genetic is the perfect business partner to work with for Tradeplus24. This due to their fast growth and adaptability to the market.
“The Revolving Credit Line of Tradeplus24 is a flexible facility that grows with their business, without having hidden fees or a lot of administration to deal with on a weekly basis. At Tradeplus24, we are excited to be working with Everything Genetic and establishing a long-term relationship.”
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