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Newtownabbey firm projects 50% growth in next year
21st September 2009
R&J Medical, the Newtownabbey based medical equipment distributor has seen steady growth since expanding into Great Britain earlier this year and expects to grow its business by a further 50% in the next 12 months.
R&J Medical, the Newtownabbey based medical equipment distributor has seen steady growth since expanding into Great Britain earlier this year and expects to grow its business by a further 50% in the next 12 months. As the business grows, R&J Medical will continue to expand its in-house workforce, and recruit locally for a nursing consultant to educate customers in Great Britain about the product. By working with a member of Bank of Ireland’s team of Working Capital Specialists, the business has freed up capital to make this expansion possible.
R&J’s success to-date has already enabled a move into 1,600 sq ft commercial premises for the first time and the employment of a part-time member of staff to handle invoicing and dispatch. The business, which was established in early 2006 imports specialist equipment from the US which is then distributed to clients in Northern Ireland, the Republic of Ireland and now Great Britain as well.
Managing Partner Lisa Osborne, who set up the company 3 years ago after a career in the Healthcare Sector said, “Our business is in the process of expanding into Great Britain, both geographically and in terms of product distribution. This development will place additional stress on the working capital of the business and as a result, our requirements have changed. We have been working closely with Mark O’ Brien to at Bank of Ireland to devise a robust financial plan for our expansion.”
Mark O’ Brien, Senior Commercial Manager at Bank of Ireland, Belfast City Branch and one of Bank of Ireland’s 17 Working Capital Specialists said, “Working capital and cash flow are the lifeblood of every business. In a recession, effective management of all resources, particularly cash, can be the difference between success and failure.”
“R & J Medical identified a gap in the market in GB for their medical equipment earlier this year. It’s a wonderful opportunity for this young business but will present a new set of challenges to their cash flow management needs. The solution to this “challenge“ is likely to be a combination of capital injection by the business owners, the provision of increased overdraft facilities and the examination of services such as invoice discounting.”
Mark O’ Brien, who currently manages a small team of Commercial Business Managers, joined Bank of Ireland in 1979 and has worked in Retail and Investment Banking in Ireland and the UK. He was based in Glengormley for the 12 years prior to moving to Belfast City branch and was appointed Commercial Director in July 2008.
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For further information, please contact:
Julie Sherlock Bank of Ireland +44 (0)28 90433520
Alan Watson SMARTS +44 (0)7768 798148
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