Home | News and features | Portfolio news | PMC Pharmaceuticals
26/11/2014

UNW advises drug wholesaler in crucial finance raising

Dealexperts at business advisers and chartered accountants UNW have assisted a Northumberland pharmaceutical wholesaler to secure a six-figure funding boost to grow its business and create 25 jobs.

UNW's corporate finance team advised the highly experienced shareholders of Cramlington-based PMC Pharmaceuticals Limited in securing the finance round from the North East Growth Plus Fund managed by FW Capital.

PMC Pharmaceuticals, which is run by two equal shareholders, will use the cash injection as working and growth capital to allow it to begin wholesaling drugs from its warehousing facilities on South Nelson Industrial Estate.

Paul McCourt and Paul Healey, who between them have over 30 years' experience in the pharmaceutical sector, approached UNW to help it secure the crucial investment following the successful receipt of the necessary licences and permits.

UNW senior corporate finance manager Mark Simpson, who worked on the deal with executive Leon Cassidy, said: “This massively experienced management team has used UNW in the past for various financing, acquisitions and tax advice in relation to previous companies and they approached us to help them with this recently established business.

“We produced a financial model and approached various potential funders that we highlighted as relevant from our extensive network. Once we had received offers of funding we selected FW Capital as their team demonstrated a good knowledge of the sector, which meant they understood this business really well and they structured investment to facilitate our growths plans.

“We are delighted to have been able to successfully advise the directors once again and look forward to watching the business grow into a successful wholesaling operation.”

PMC Pharmaceuticals Sales Director Paul McCourt said: “Securing this level of funding has enabled us to commence trading with state-of-the-art software and distribution systems.

“We expect to create 25 jobs in the next couple of years and deliver a level of service to our customers that will make us their automatic first choice regional supplier.”

FW Capital senior investment executive Michael Vassallo said: “The pharmaceutical sector is growing strongly year-on-year and PMC Pharmaceuticals has set up its wholesale business to capitalise on this. 

“The company’s experienced management team has a proven track record in the sector and FW Capital’s investment has provided them with the working capital to set up the operation and fund their stock costs.  We were pleased to work with PMC Pharmaceuticals and their advisers, UNW to complete this deal within tight time scales.”