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The Business Magazine March 2024
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Multi million pound funding unlocks international growth for Gloucester medical business

27 March 2024
The Business Magazine article image for: Multi million pound funding unlocks international growth for Gloucester medical business
Spectrum Medical

An award-winning Global medical device company has continued to expand its production facilities and created 300 new jobs globally, thanks to an eight-figure funding package from HSBC UK.

The funding package has enabled Gloucester-based Spectrum Medical to start construction of a new global headquarters consisting of 30,000 sq ft factory and a 22,000-square-foot office space. As a result, the company will be able to expand development and production of its life-saving products.

While bolstering its UK presence, Spectrum Medical has also used the HSBC UK funding to expand its capabilities in Europe,  and expand internationally to  the Middle Far East. This strategic shift responds to a heightened demand Spectrum’s world leading products

Mark Drain, Co-Founder of Spectrum Medical, said: "The acquisition of our new global headquarters is a major new phase in our growth story, helping us to increase development and production capabilities and assist our expansion into new geographical markets. The backing from HSBC UK has provided invaluable support as we've navigated our business’s growth against a backdrop of challenges, including the pandemic. 

“What’s more, the acquisition of this new headquarters, equipped with modern facilities, will be instrumental in attracting and retaining employees in a currently challenging recruiting environment.”

James Shepherd, Area Director for Business Banking in the Southwest at HSBC UK, added: "Collaborating with Spectrum Medical on its expansion project in the midst of the complex circumstances created by the COVID-19 pandemic has been an important experience.

“Given the growing demand for life-saving diagnostic medical products, it is imperative companies like Spectrum Medical receive our steadfast support. We eagerly anticipate its continued success and growth."

In 2005, Spectrum Medical entered the global medical device market with its life saving devices to be used during cardiac surgery. Since then, the business has been committed to becoming a world leader in both perfusion systems for extracorporeal therapies and Health Informatics solutions for the high acuity healthcare space.

Nicky Godding is editor of The Business Magazine. Before her journalism career, she worked mainly in public relations moving into writing when she was invited to launch Retail Watch, a publication covering retail and real estate across Europe.

After some years of constant travelling, she tucked away her passport and concentrated on business writing, co-founding a successful regional business magazine. She has interviewed some of the UK’s most successful entrepreneurs who have built multi-million-pound businesses and reported on many science and technology firsts.

She reports on the region’s thriving business economy from start-ups, family businesses and multi-million-pound corporations, to the professionals that support their growth and the institutions that educate the next generation of business leaders.

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