Wakefield-based Boston Healthcare is aiming for a larger slice of the UK over the counter (OTC) market after launching new products backed by a major television advertising campaign.
The company’s growth is supported by a £500,000 Equity Linked package from Finance Yorkshire which invested an initial £1.25m in Boston Healthcare when it acquired the Uvistat and Dalivit brands four years ago.
Since then, Boston Healthcare has been strengthening the brands’ position in the OTC market which is worth £2.5bn. It now supplies some of the biggest pharmacy names on the high street, including Boots, Superdrug and Lloyds, as well as leading pharmacy multiples and independent pharmacies.
Finance Yorkshire’s latest investment has enabled the business to add a children’s SPF50 Lipscreen and an Evening Aftersun with SPF20 to its Uvistat range. It has also introduced Dalivit D3 to combat vitamin D3 deficiency in children.
Managing director Colin Darroch said: “We spent some time establishing the brands back in the marketplace and now we are concentrating on new product development. It is easier to hang new products on existing brands because of the brand association with consumers.”
Boston Healthcare’s target markets are the sun care market, vitamins and acne. The new Uvistat children’s Lipscreen features in a major television campaign on Sky which includes children’s channels.
The company has also enlisted the support of Yorkshire County cricketer Jonny Bairstow who is brand ambassador for the Uvistat sun care range.
Colin is partnered in the business by executive chairman Steve Stocks and together they have more than 60 years industry experience.
Steve said: “Over the coming two to three years we intend to gradually ramp up the promotional activity to drive sales of the portfolio and we will continue to innovate with new line extensions in areas of unmet need.”
Ian Brown, Finance Yorkshire portfolio manager, said: “From the time of the acquisition of the brands, Boston Healthcare has surely and steadily moved from rebuilding awareness and trust of the brands among consumers to a strong position in the marketplace.
“The business is now well placed to develop and add more new products this year which include a probiotic for babies as part of the Dalivit franchise.”
Finance Yorkshire’s investments to date have created and safeguarded 10,196 jobs across Yorkshire and the Humber, increased turnover by £309 million and generated private sector leverage of £179 million.
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.