Huddersfield-based MTP Innovations is set to expand its product and customer base after securing £400,000 from Finance Yorkshire’s Equity Linked Fund.
The company has created an innovative suite of cost effective, safe and chlorine-free infection control products aimed largely at the healthcare sector but with far reaching potential.
The Finance Yorkshire funding will enable MTP Innovations to commercialise its innovative product range within the NHS where the business has already established a foothold as well as targeting new and broader markets.
MTP have created an innovative suite of cost effective, safe and patentable infection control products.
Its sachets/tablets are currently used in the healthcare environment in the fight against hospital acquired infections such as Norovirus, C.Difficile and MRSA.
The longer term aim is to produce a retail offering for the domestic market. MTP’s non alcohol hand gel contains an emollient leaving hands cleansed and moisturised.
Managing director Mike Jepson said:
“We knew we had a great product and a great team but just needed the right partner to inject appropriate resource to take us to the next level.
“With investment secured from Finance Yorkshire, we now have the funding in place to drive the business forward and exploit the opportunities for our unique product offering.
“Engaging with the right professional advisors was, in my opinion, a key factor in this successful outcome.”
The £400,000 investment will be used by MTP Innovations to market its product range in addition to investing in the research and development of new infection control solutions.
Katharine Braim, investment manager with Finance Yorkshire, said:
“MTP Innovations products are unique in that they offer a one-stop-shop solution saving the end-user both time and money.
“Benefits for key customers such as the NHS include reduced infection rates resulting in a lower number of bed days lost.
“With this investment the company is now ready to widen its market base and highlight the considerable benefits of its product range.
“It’s an exciting time for both MTP and Finance Yorkshire – this is the Equity Linked Fund’s first investment in cleaning products and infection control.”
MTP Innovations was advised by Chris Wright, corporate finance manager at Armstrong Watson, and Jonathan Simms, partner, and Maxine Burton, associate, of Clarion.
Chris Wright said:
“With limited resource, MTP Innovations had already generated some traction in the NHS.
“The company came to Armstrong Watson looking for help to secure further investment and therefore the resource to assist the business to grow.”
Maxine Burton said:
“It was immensely satisfying working with the management team at MTP Innovations to secure investment into the business which will help extend its range of products and take them to new markets.”
Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m to help a range of small and medium sized businesses to meet their funding requirements for growth and development.
To date Finance Yorkshire has made 529 investments totalling over £64 million.
The project is supported financially by the European Union.
It has attracted £30million investment from the European Regional Development Fund (ERDF) as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme, £15million from UK Government and £45million match funding from the European Investment Bank.