Bibby ups healthcare wholesaler's funding package to £10m for product expansion

Bibby Financial Services (BFS) has increased Veenak International’s asset funding package to £10m, which will allow the healthcare wholesaler to expand its product offering. The original facility of £8m — which included asset-based lending, trade finance in addition to foreign exchange — enabled the Birmingham-based business to branch into new markets.

Veenak International is now expected to almost double its revenue from £21m in 2018 to £40m in the current financial year.

The increased asset funding aims to help Veenak International strengthen its global supply chain, stock over 100 products and prepare for further growth. 

Shan Hassam, group managing director at Veenak International (pictured above, left), said: “The demand for our products over the last few years has been unprecedented.

“We have expanded into new markets and diversified our product portfolio. “However, our growth ambitions were hindered by funding limitations.”

Jonathan Myerscough, relationship manager at BFS, added: “Veenak International’s growth plans are well thought out and based on good business health.

“The team understands their markets and clients and set themselves ambitious but achievable targets that can be reached through consistent and sustainable growth.”