A FAST-growing Harrogate business has secured a £1m working capital facility to support its global growth strategy.
Neoss, which develops and manufactures dental implants, will use the funding from NatWest and RBS Invoice Finance to continue growing its sales in the UK, Europe and the US. It is forecasting a turnover of more than £15m by the end of the current financial year.
The company, which has 108 employees, exports 95 per cent of its products, and has subsidiary companies in Australia, Austria, Germany, Italy, Sweden, New Zealand and the United States. Its customers include dental laboratories, universities and dental practices.
Guy Leaver, Neoss CFO, said: “We continue to expand our presence in Europe, Australasia and the US, and we see further growth potential in these areas as the benefits and awareness of our products increase.
“In addition, our significant investment in research and product development will see a significant new product launch in the second quarter of 2012 which will create further growth opportunities.”
He added: “It is essential for the business to have sufficient working capital in place to meet its expansion plans and this facility provides us with that cover.”
Established 11 years ago, Neoss has pioneered a range of dental implants that accelerate bone formation and integration. The company’s patented system uses titanium fixtures and is placed directly into the jawbone to support crowns, bridges or dentures. This system has less than 300 components, compared with 2,000 components used in competitor implant systems.
In addition to its subsidiary companies, Neoss also has exclusive distributors in Switzerland, Thailand, Ireland, Croatia, Poland, Japan, Taiwan and Turkey. It is looking to expand sales further into new territories in Asia and Europe, as well as continuing its rapid growth in its existing markets.
Neoss was recently placed first in the Growth 100 for Yorkshire’s fastest growing companies, with compound annual growth over the last five years of over 160 per cent.
Paul Dawson from NatWest and Andrew Bissett from RBS Invoice Finance provided the funding to Neoss.
Paul, a senior relationship manager at NatWest, said: “Neoss is a great example of a successful UK business which manufactures and exports a quality, niche product. Its founders have a wealth of experience and have built a strong international client base. We are very happy to support them.”