Innovative medical group Corin has secured a significant re-finance package that provides working capital to invest in its future growth.
The Cirencester-based group will use the funding to take its latest state-of-the-art reconstructive orthopaedic devices onto the global market. The re-financing was arranged by moving its banking facility to Barclays.
The firm, established in 1985 and acquired by Italian group 2IL Orthopaedics earlier this year, is particularly focused on developing replacement joints such as knees and hips that restore the quality of life of younger, more active patients.
Last year it turned over more than £48m.
Corin CEO Stefano Alfonsi said: “We are operating on an international stage against multi-billion pound organisations.
“This latest milestone in our ongoing strategy will allow us to enter the capital intensive global market, where we will continue to invest in our world-class team and innovative, high-technology brands to provide optimal implant solutions to patients around the world.
“We sought a new banking partner to take our company to the next stage of our ambitious growth strategy, one that understood our business model and had credibility in the dynamic manufacturing sector that we operate in, and I’m pleased to announce that Barclays has been appointed to that role.”
Exports now make up more than 80% of the business. The group has offices in the US, Australia, Germany, Austria and Japan, employing 330 staff globally with 240 at its two sites in Cirencester..
Barclays relationship director, corporate banking, Steven Beavan, added: “It is important for Barclays to support successful, home-grown manufacturers in the South West, such as Corin. They have a strong management team in place and with our sector specialism focus we have been able to support their clear strategic plan for growth. We have the desire and appetite to work with businesses such as this across the region and this investment is excellent news for our new client and for the local economy.”