A new growth strategy implemented by the CEO of a Wakefield-based business is set to help it grow its turnover by more than 25 per cent.
Toiletry Sales, a provider of private label healthcare products to UK supermarkets and pharmacy chains, underwent a management buyout supported by a £10 million finance package from Lloyds Bank Commercial Banking.
Chris Patterson, CEO and now majority shareholder at Wakefield-based Toiletry Sales, was helped by Lloyds Bank as part of its commitment to lend up to £1.4 billion to Yorkshire businesses during 2019.
Some of Toiletry Sales’ previous shareholders will stay on at the company as directors to ensure a smooth transition in leadership and the continuity of operations.
The firm, which specialises in the manufacture and supply of feminine hygiene, wound care and incontinence products, is planning to grow its sales from £27 million to £35 million over the next two years by diversifying and expanding into new healthcare categories, markets and channels.
Mr Patterson said: “Having Lloyds Bank by our side while completing the management buyout has been invaluable.”