MSIF has provided a £50k loan to a Knowsley-based orthodontic products manufacturer. Thermadent has used the funding to buy a high-tech 3D scanner and printer. The new machinery will enable Thermadent to add new product lines including clear aligners and retainers.
The company was set up in 2011 by dental technician Matthew Garnett and supplies its products to orthodontists across the region.
MSIF has provided the loan through funding it manages for the Regional Growth Fund. It is the second time MSIF has backed the company with a previous loan provided to help the business with expansion costs in 2012.
Mr Garnett said: "Clear aligners and retainers are a fast growing market in the UK over the traditional wire-based braces which are quite obtrusive."
“This new machinery will enable us to manufacture these products much faster and cheaper than other similar brands currently on the market."
“Many of our existing clients have expressed an interest in the new products and we also believe that by adding this product line we will win new clients nationally and internationally so this investment is crucial to our expansion strategy."
“We are really pleased to be working with MSIF again. They have been very supportive of the business from the outset and are a pleasure to deal with.”MSIF investment director Paul Humphray said: “This investment will enable Thermadent to produce a lucrative and in-demand product which will result in substantial growth for the company."
“Clear retainers and aligners are already very popular given their advantage over traditional braces. Thermadent can reduce turnaround time and costs compared with other similar products and we believe they could become a significant player in this field.”
Thermadent currently employs 10 staff and expect to take on 5 more within the next year. Turnover this year reached £400k and it is expected to rise to £1.2m next year.
The Regional Growth Fund is provided through Responsible Finance. It provides loans to micro, small, medium and social enterprises across England through the community finance sector. £30million of funding is provided by the Government’s Regional Growth Fund, matched with a further £30million by the Co-operative Bank and Unity Trust Bank.