UK-based business heads overseas with £6m HSBC funding package
Masters Pharmaceuticals, trading as Masters Speciality Pharma, has expanded its overseas business into South America, including Brazil, with more than £6m of working capital facilities from HSBC.
The specialist pharmaceutical business, which is headquartered in Hertfordshire, was founded in 1984 but has since gone on to become an international leader in the supply of medical products. The company now distributes to more than 98 markets around the world, including the USA, South and Central America, the Caribbean and the Middle East.
HSBC has won the full banking mandate of Masters Pharmaceuticals, which will see it provide a range of new facilities as part of a refinancing package, designed to help the company grow. To achieve this, HSBC has made new cash facilities of term debt available to the business, along with an invoice finance package.
Simon Clarke, Finance Director at Masters Pharmaceutical, said: ‘The HSBC team has a great understanding of our business and our singular objective of improving the quality of patients’ lives worldwide. This new financing allows us to respond to the unmet needs and preferences of patients and healthcare professionals in these new markets in South America.’
Rhydian Davies, Regional Head of Corporate Banking South and South East England, said: ‘Masters Pharmaceutical provides a vital service to many people around the globe, and this new package will provide the business with a quicker boost to their cash flow, allowing it to broaden its reach further and help both patients and professionals in even more locations.’
‘HSBC is committed to supporting businesses to export internationally. With our unrivalled international network, giving us a presence in 60 markets around the world, we can help businesses such as Masters Pharmaceutical as they seek to explore opportunities overseas,’ he added.