Walsall-headquartered pharmaceutical wholesaler, CST Pharma has secured a £26 million Asset Based Lending Facility from HSBC UK to drive its expansion plan.
In the last three years, the firm has grown by forming partnerships with Acre Pharmacy, and acquiring Spanish wholesaler Saima SL.
The funding, advised by Shoosmiths and Gordon Brothers, will enable the group to purchase additional stock, allowing the group to expand its team with 25 more hires, and up to 10 more planned for the coming month.
It has also allowed the company to upgrade its IT systems and improve its quality management system.
Jason Yates, managing director of CST Pharma has worked in the business since 2006 and acquired the firm in 2018, implementing a new board and management structure.
Yates said: “Since acquiring CST Pharma, we have been striving to grow the business. The support we received from HSBC UK has been invaluable in allowing the purchase of more stock, so we can meet this objective and develop the business to its full potential, as well as improving our systems to ensure the sustainability of the company.”
Bill Dwight, relationship director at HSBC UK, said: “We’re delighted to have been able to support CST Pharma with this significant facility and become its dedicated finance partner.
“The company has skilfully navigated the challenges brought about by Covid-19 and Brexit, and the funding package will allow CST Pharma to continue to grow and pursue its strategic priorities. This will result in the onboarding of more staff and be beneficial to the local area.”