Sauflon Pharmaceuticals, a UK manufacturer of contact lenses and aftercare products, has negotiated a £55m borrowing facility with Barclays and RBS.
The two banks restructured existing borrowings from other financial institutions and provided further growth capital to support Saulfon’s growth plans.
The move will enable the company to expand its manufacturing facility in Budapest, Hungary, which operates alongside its two UK plants.
John Maynard, Group Finance Director at Sauflon Pharmaceuticals, said the facility will open up a new range of possibilities for the company.
“The facility will enable us to drive forward our strategy of investing in our manufacturing site in Budapest and support continued leading edge research and development in the field of contact lenses and aftercare products,” he said.
The partner team at Isca Ventures, who also advised on the growth capital funding in 2007 and a Hungarian bank fundraising earlier this year, provided corporate finance advice and support to the company.
“We have worked with Sauflon for a number of years and are delighted to play a part in the successful completion of this £55m refinancing and fundraising. This funding package will help drive the continued growth plans of the group.” added Mark Champion, partner at Isca Ventures.