Glasgow's Target Healthcare pumps £20 million funds package into growth plans

A Glasgow-headquartered pharmaceutical manufacturer and supplier is in growth mode after securing a £20 million funding injection.

Target Healthcare, which supplies medicines to retail pharmacies, hospital trusts and large pharmacy wholesalers, is eyeing further organic growth as well as undertaking acquisitions.

The company has agreed the £20m funding package with Santander UK while switching its day-to-day banking to the Spanish-owned lender.

Target is aiming to grow organically by expanding its client base throughout the UK including Northern Ireland. Most of its sales are in the UK but it also has clients in Europe and the Middle East, and Santander UK is providing it with international expertise to support its overseas expansion.

Target Healthcare, which supplies medicines to retail pharmacies, hospital trusts and large pharmacy wholesalers, is eyeing further organic growth as well as undertaking acquisitions. Picture: Daniel Jones

The healthcare firm was established in 2012 and has grown over the past decade from an initial staff of two to now employing more than 300.

Managing director Lewis Campbell said: “Target Healthcare Group is delighted to be working with Santander UK. It is refreshing to have a banking partner that understands the needs of the business and is supportive of our ambitious growth plans.”

Jonathan Kelly, relationship director at Santander UK, added: “Santander UK is well equipped to provide specialist support to companies in the pharmaceutical and medical sectors.”

Target is forecasting an increase in annual turnover of more than 40 per cent this year on the £75m it achieved in 2021.

The firm stocks thousands of generic medications for retail pharmacies and is also focused on the manufacture and provision of “specials” - unlicensed medicines designed to meet an individual patient’s clinical needs where licensed medicines are not pertinent to their treatment - to hospitals and major wholesalers.

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