A pharmaceutical manufacturer which produced more than 100 million doses of a Covid 19 vaccine has secure £20 million in funding to deliver its next phase of growth.
Wockhardt UK, headquartered in Wrexham, is set to use the funding for further modernisation of facilities, including investing in new machines and rolling out multiple vaccines.
Established in 1950, Wockhardt UK is a multinational company employing more than 400 UK staff to support the manufacturing and delivery of high-quality products and services across the world.
The company was responsible for producing more than 100 million doses of the Astra Zeneca vaccine during the coronavirus pandemic, leading to a number of high-profile visitors to the site including King Charles.
Audit, tax and consulting firm RSM UK’s debt advisory team helped Wockhardt UK secure the funding package from NatWest.
Ravi Limaye OBE, managing director at Wockhardt UK, said:
“Working with the RSM team and securing this inward investment means we are able to realise our facility upgrade plan, further demonstrating our commitment to supplying high quality medicines to those that need them the most.”
RSM’s Ashley Suter, Jack Williams, Matthew Kells and Alexander Harris advised Wockhardt on the funding package. Eversheds and Hill Dickinson provided legal advice on the deal.
Ashley Suter, RSM’s head of debt advisory in the North-West and Wales, said:
“Wockhardt is one of the UK’s leading healthcare manufacturers and played an integral role in producing vaccines during the pandemic. The funding secured will enable the company to take the next steps in its ambitious growth strategy and continue to serve its diverse customer base, all while playing an integral role in supporting the Government’s Covid-19 recovery plan.”
