Arbuthnot Commercial Asset Based Lending has provided a bespoke revolving working capital facility to support Lawmed, a provider of surgical technology, the lender said in a press release.
Lawmed was founded in 2000 to provide surgical instruments and product solutions for use in low-impact laparoscopy, a minimally invasive technique which allows access to the abdomen without large incisions in the skin.
In a statement, the company said the momentum that Lawmed had built pre-covid accelerated during the pandemic as the technology allowed Surgeons and clinical teams to operate in a safer environment due to the ability to filtrate viruses as small as 0.01 microns, well within the size of SARS Cov2. This resulted in a leap in turnover from £7m to £13.2m, prompting the need to look for a new commercial funding partner.
Len Wilby, owner and managing director of Lawmed, said: “My private banking manager at Arbuthnot Latham introduced me to the team at Arbuthnot Commercial ABL. What I felt set them apart immediately from our existing commercial funders was their outstanding attention to detail. They looked to drill down into the business and understand our plans and ambitions as an Employee Ownership Trust, so they can support our team in realising the next stage of the company’s growth journey, enabling them to create value.”
Andrew Rutherford, commercial director for Arbuthnot Commercial Asset Based Lending, said: “The team at Lawmed stood side-by-side with surgeons in operating theatres at the height of the pandemic, so they know exactly what it is like to provide solutions on which people can truly depend. We look forward to funding Lawmed’s further expansion as their team continues its excellent work in driving innovation with progressive partners to introduce technologies that can add the greatest value to patients and clinicians.”