TEES Valley-based Acculabs Diagnostics UK Ltd has secured a £325,000 CBILS backed loan with the help of leading North East accountancy and advisory firm, MHA Tait Walker.

The loan will be used to acquire equipment and working capital as well as help the business to continue to grow.

Acculabs Diagnostics UK Ltd, based at Wynyard Business Park, is one of the UK’s leading private pathology organisations. It has been providing high quality pathology services to the private sector, the NHS and General Practitioners, and overseas clients for over 30 years. During that time, it has installed and managed over 120 laboratories in hospitals and clinics.

The deal was facilitated by FW Capital investment executives Keith Charlton and Sam Streckert.

Mr Charlton said: “The NPIF and CBILS backed funding we have provided to Acculabs enables them to continue to support the Government in the fight against Covid-19. Acculabs is a well-established business and our funding allows them to look to the future and build on this existing success.”

Chris Gordon, chief executive at Acculabs Diagnostic UK, said: “We’re delighted to have secured the NPIF & CBILS funding and are hugely grateful to MHA Tait Walker and FW Capital for providing their expert support. This injection of capital offsets any Covid-19 induced cashflow concerns and will allow us to continue our growth in 2020 and beyond.”

Steve Plaskitt, a corporate finance partner at leading North East accountancy and advisory firm, MHA Tait Walker advised Acculabs Diagnostics UK on securing the loan.