Orthopaedic firm steps forward with £2m development funding

An Essex-based firm specialising foot and ankle surgical solutions has secured a £2m funding facility from Independent Growth Finance (IGF) to fund ongoing product development.

Ortho Solutions has secured the funding in order to develop new innovations in its range of orthopaedic surgical implants.

Founded in 2001, Ortho Solutions supplies NHS and private hospitals throughout the UK with implant systems used in foot and ankle surgery.

Mike Thompson, managing director at Ortho Solutions, explained: “As a foot and ankle specialist company, Ortho Solutions is uniquely placed to champion the creation of new technologies and products.

“To continue doing this we needed to expand our product development pipeline, but found it challenging to grow without additional financial headroom.

“As a result of IGF’s funding, we are progressing our developments and aim to launch them in 2020. The increased facility has provided us with the opportunity to reach a major milestone and strengthen our position in a competitive market. In providing the funding we needed, it’s clear IGF understood the lasting impact our work has.”

Jeff Greenfield, ABL director at IGF added, “For some lenders, increasing an ABL facility by over 160 percent raises immediate red flags. But we go into every deal with the aim of fully understanding the reason for the funding.

“By taking the time to ask the right questions we soon realised Ortho Solutions had a loyal customer base and significant inventory holding. As a result, we were able to increase the funding to meet their immediate needs.

“Now the more they grow, the more ABL funding we will be able to offer, helping them move closer to their current and future business goals.”

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