Blackpool supplements firm secures £2m finance deal

Nutrition Group, a global supplier to the dietary supplements market, has secured a £2m working capital facility from Barclays Corporate Banking to position the business for further growth.

The firm, which employs 150 at Olympic Way near the end of the M55, works in the health supplements and sports nutrition market sectors.

It saw a 100 per cent rise in demand for r Vitamin C, Vitamin D and Zinc tablets due to coronavirus and has had to increase working hours to meet demand.

Last year it opened a new protein bar production line.

Richard Greathead, chief executive officer at Nutrition Group, said: “We’re delighted to get this deal over the line - it really illustrates the strength of our business and is a very positive indicator of market confidence in our sector despite the challenges in the global economy.

“The team at Barclays have worked to the highest standard of customer service to deliver this new finance package to Nutrition Group. I would like to thank Steve Berry and Robert Weston in particular, who have co-ordinated the deal remotely given the current circumstances.

“The new package has given the business flexible working capital, which aligns with the requirements of the shareholders. The relationship with Barclays continues to flourish as another successful deal concludes.”

Steve Berry, relationship director, led the transaction for Barclays Corporate Banking alongside Robert Weston, trade and working capital Team.

Steve Berry said: “Nutrition Group benefits from an excellent reputation built over many years, operating in a sector which has experienced huge growth as consumers look to adopt healthier lifestyles as their interest in health, diet and nutrition continues to develop.

“It’s refinancing package means the business is in the best possible shape to take advantage and we look forward to working alongside Richard and his team as Nutrition Group continues to grow.”

Under the former name of RPL, Nutrition Group plc was founded by Peter Greathead in 1993.

Over the last three decades, it has grown to become a British manufacturer on an international scale.