Lloyds Bank Supports Local Vitamin D Supplement Firm, SunVit-D3
SunVit-D3, a subsidiary of ADAllen Pharma, has created a new supplement designed to combat a rise in vitamin D deficiencies in the UK with the support of a £1.5 million invoice discounting facility from Lloyds Bank Commercial Finance.
- (1888PressRelease) November 09, 2013 - Originally founded in 1975, the Epping-based pharmaceutical firm produces and sells health supplements and has launched three strengths of the new SunVit-D3 products, a vitamin D supplement, in June 2013. The product is currently prescribed by GPs and is sold online through the company's website (www.sunvitd3.co.uk )
The pharmaceutical firm employs 12 members of staff with plans to increase this number as demand for SunVit-D3 continues to grow. The company is now looking to grow its turnover of £7.5 million by this time next year.
With the help of an invoice discounting facility from Lloyds Bank Commercial Finance and the recent success that SunVit-D3 has experienced in the UK, it now has plans to expand its product lines into the Middle East where vitamin D deficiency is at high levels particularly amongst women who wear the veil. Only 10 per cent of a persons' recommended vitamin D allowance comes from food, exposure to sunlight is essential for the natural production of vitamin D in the body.
The invoice discounting facility provided by Lloyds Bank Commercial Finance has helped to boost the company's cash flow whilst helping it to bridge the gap when waiting on payment from clients.
Pilot studies and regional monitoring suggests that a vitamin D deficiency is likely to affect at least 75% of the UK's white population, up to 90 per cent of the multi-ethnic population and a quarter of all children living in Britain.
David Allen, chief executive of ADAllen Pharma, said: "Over the past 50 years, there has been a substantial increase in people suffering from vitamin D deficiencies. This has health implications and can lead to bone deformities such as rickets in children and bone pain and tenderness as a result of a condition called osteomalacia in adults. Teenagers, those who are pregnant, people over the age of 65 and people who have darker skin are the adult groups most at risk of vitamin D deficiencies.
"With an invoice discounting facility we have the ability to develop new products and manage a better cashflow. Having a client manager who specialises in the healthcare sector has been a useful bonus. As a company, we now have plans to expand into the Middle East by early next year and want to continue this business model into other countries."
Bethan Wright, client manager at Lloyds Bank Commercial Finance, said: "Cashflow is the lifeblood of any business and through the £1.5 million invoice discounting facility, ADAllen Pharma will be able to stay in control of its finances, continue growth of the SunVit-D3 product range without waiting up to 49 days for payment from group purchasing authorities.
"We are already supporting 10,000 businesses in the UK with invoice finance, from start-ups to multinationals, and work hard to find the most suitable products to support growth for companies. Invoice finance can help firms access working capital tied-up in unpaid invoices.
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