Member Article

Harrogate implant firm gets £1.5 million facility to aim for Asia

A North Yorkshire company which designs and manufactures dental implants is set for a period of expansion after the provision of new financial support from Yorkshire Bank.

Established in 2000, Harrogate’s Neoss has subsidiaries in Australia, Germany, Italy, Sweden and the United States.

The new facility will provide the company with the financial flexibility to develop new products and target new markets, particularly aiming at China, Taiwan and Japan.

The company, for which international sales make up around 95% of its turnover, produces a patented titanium-based dental implant system which can be used to anchor dental crowns, dentures and bridges.

More than 95% of its sales are directly to hospitals and clinicians but the company also uses a network of distribution and sales agents.

Guy Leaver, chief financial officer at Neoss, said: “The new partnership with Yorkshire Bank will provide the company with the financial flexibility to continue to pursue growth and investment opportunities.

“Economic conditions in the UK and our key international markets are improving, and coupled with this new support, we are in a position to accelerate our research and development programmes and establish the Neoss brand in new geographies.

“We operate in a competitive global marketplace so we need to continue to develop and innovate to meet the demands of our growing customer base and Yorkshire Bank has taken the time to understand our requirements.”

The funding has been provided via Yorkshire Bank’s Growth Finance team – a specialist UK-wide team which provides lending for innovative and rapidly expanding businesses.

Neoss’ equity investors include MMC Ventures, Souter Investments, Delta Partners and Medtronic.

Chris Bone, director in the bank’s Growth Finance team, said: “We have delivered an innovative funding arrangement which will provide Neoss with further financial stability and flexibility to allow it to pursue its investment strategy over the next few years.

“We are looking forward to working with Neoss’ management and partners as they continue along their growth path.”

The company’s Executive Chairman is Michael Dormer, who has more than 30 years’ experience in medical devices, working with Johnson & Johnson and DePuy, where he served as president and oversaw the company’s IPO in 1996.

This was posted in Bdaily's Members' News section by Clare Burnett .