30.01.04
£200,000 deal allows Redruth company to expand

A £200,000 investment deal supported by Finance Cornwall - a £20 million investment fund backed by £9 million from the Objective One European Regional Development Fund - has secured the future of a Redruth based supplier of gloves and protective clothing to the health, homecare, social care and dental market sectors.

Finance Cornwall has invested £100,000 to help provide Gloveman Supplies Ltd with the necessary working capital to expand. The company is based on the Treleigh Industrial Estate and distributes to a variety of customers, including those in the South West of England.

Gloveman was set up by Darren Rice four years ago, and he has built the business and its network of suppliers and customers from scratch to its current viable position.

The potential and skills in the business encouraged one of its major suppliers, Premium Healthcare Products Ltd, to take a major stake to give it the financial strength and security to drive it towards becoming a major national company.

Peter Wyartt, Premium HP's managing director, said: "It's early days but we have bought into Gloveman because of the potential that the company has and our combined ability to grow the business into a major national concern.

"At present the company employs five people including Darren who is the new Sales Director, however the growth of the business will generate significant employment in all areas of the business over the next five years."

The £200,000 deal with PHP was only made possible by the involvement of Finance Cornwall, which invested £100,000 in Gloveman. Additional funding was provided by HSBC.

Finance Cornwall investment director David Furse, said: "We're here to support Cornish businesses at all times of change, whether it's a buy-in, buy-out, expansion or a start-up. We have the expertise and financial resources to put together creative investment deals that help businesses in Cornwall and the Isles of Scilly achieve their goals. With Gloveman, Finance Cornwall's investment will allow an existing business built up by a sole trader to continue to expand in Redruth, with the support and financial backing of one of its major suppliers, and that's good news for the area.”

Finance Cornwall is based in Truro and offers a complete financial solutions package for local businesses. It provides direct access to £20 million of its own funds, ranging from just £5,000 to more than £500,000, combined with access to expert business planning and ongoing support.

Finance Cornwall's funds are administered by Alliance Fund Managers Limited, which is regulated by the Financial Services Authority in the course of investment business.

To find out more visit www.financecornwall.co.uk

Editor's notes:

Premium Healthcare Products

Premium Healthcare Products is a Suffolk-based company that specialises in the import of surgical protective wear made in Sri Lanka and China. In addition to gloves, masks, gowns and other protective clothing, the company also imports a range of other products for the health and industrial sectors.

Established 1992, the company has evolved from a dental glove distribution company to a primary importer and dedicated distributor, which now handles imports into the UK and increasingly into Europe with a value of US $7.5 million.

For more information contact:

David Furse
Investment Director
Finance Cornwall
01872 272288

Darren Rice
Sales Director
Gloveman
01209 314759

Jason Clark
Communications Adviser
Objective One Partnership Office
Castle House
Pydar Street
Truro TR1 2UD
Tel: 01872 241379
Fax: 01872 241388
objectiveone@cornwall.gov.uk

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