LONDON, June 15 -- The government of the United Kingdom issued the following news:

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The financing hasenabled the firmto supply pharmaceutical products to clients in the UK,Europeand Australia

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Funding will help to increase workforce by 20%andaddadditionalmanufacturing capacity

GMP Manufacturing Ltd(GMPM), a pharmaceuticalmanufacturerbased in Kingston upon Hull, has securedover £500,000 in funding supportfrom White Oak UK, anon-bank specialist in SMEfinancing.Thefundingwasbacked by UKExport Finance(UKEF)- the government's export credit agency. Thenew financehas enabled the companyto meet growing international demand,while continuing to expand its UK operations.

Thefinancingfrom White Oak wassupported byUKEF'sGeneral Export Facility (GEF)- afinanceguarantee designed toboostexportcapabilitiesfor SMEs.

Established in 2018 on the former Seven Seas site in east Hull,GMPM's workforcehas grownby over 40%in eight years, with roles ranging from apprenticeships to senior leadership.The companymanufacturesa wide range of medical products on behalf of clients in the UK,Europeand Australia,whilealsodevelopingandsupplyingitemsunder its own brand, including Aseptic, an alcohol-free sanitiser effective against influenza and COVID-19.

Access to financewith support from White Oak and UKEFhas been instrumentalinacceleratingGMPM's growth.Looking ahead, GMPM plans to increase its workforce bya further20%, as it seeks toexpandinto African markets.The company is alsoextendingits research and development capabilitiesandinvesting innew manufacturingtechnologies,including3D printing platforms for personalised medicines.

Chris Bryant, Minister for Trade, said:

It'sfantastic to see a business like GMPM thrive, creating jobs and driving economic growth in Yorkshire as well as revitalising a local plant.

We are a pro-business Government and will continue to back businesses to scale-up, helping innovative firms like GMPM to export their products across the globe.

Manuel Fantin,Export Finance Manager for South Yorkshire atUKEF, said:

GMPM's story should inspire many SMEs, who need the motivation to take the next step in their business.

Fromtakinganeast Hullplantthatclosedafter80yearsof history,bringingitback to lifewith 30 employees,andnow,more thandoublinginsize inunder a decade, GMPM's trajectory of growth is only going up andwe look forward tocontinuing towork with our partners at White Oakto see themsucceedeven furtherinboth scaleand globalcapability.

Giby George,CEO atGMPM, said:

Support from UKEF and White Oak has played a pivotal role in accelerating our growth.

We are proud to be investing in advanced manufacturing capacity in Hull, creating high-quality jobs and career opportunities at every level, from apprenticeships and technical training to senior leadership positions, while strengthening the UK's pharmaceutical manufacturing capability.

Andy Davies,Managing Director atWhite Oak UK, said:

Our support for GMP Manufacturing demonstrates our commitment to providing growth capital to innovative UK businesses, wherever they are based. GMPM's story is a compelling example of what British SMEs can achieve with the right financial backing - from a single site in Hull to supplying markets across Europe and Australia.

We are proud to work alongside UK Export Finance to help businesses like GMP Manufacturing unlock their full export potential and create quality jobs across the UK.

GMPM's storydemonstrateshow UKEF support can help UK manufacturers strengthen their export capability, create highly skilled jobs in all parts of the country, and compete on the global stage-in line with the government's plans to support UK businesses and drive economic growth.

UKEF is backing businesses, ensuring its support is accessible to all businesses regardless of location, size or ownership. UKEF aims to maintain a minimum of 80% of the businesses it supports based outside of London, while year-on-year increasing its support for underserved groups, including women and ethnic minority-led businesses.

Contact

Media enquiries:

Email newsdesk@ukexportfinance.gov.uk

Disclaimer: Curated by HT Syndication.