UK’s largest diagnostics company expands thanks to £50 million HSBC backing

The UK’s largest diagnostics company is set to expand further into international markets thanks to a £50 million funding package from HSBC UK.

Northern Ireland-based Randox, which produces over 4 billion diagnostic health tests annually, will use the funding to support further expansion.

With manufacturing facilities in the UK, Ireland, India, and shortly to include the US, the company is set to export its products to 145 countries through its 18 global offices and worldwide distributor network.

Additionally, the funding will support the continued roll out of new Randox Health clinics throughout the UK, ensuring the company can continue to bring cutting edge diagnostic services direct to the general public.

Moving to HSBC UK has also allowed Randox to streamline its international operations by integrating its banking under HSBC’s global network, facilitating better co-ordination and more efficient management of its overseas businesses.

Dr Peter Fitzgerald, managing director at Randox, said: “The need for a strategic banking partner with sector-specific expertise was crucial in choosing HSBC, and the team’s knowledge and international proposition aligns well with our growth ambitions.

“Being able to export into new overseas markets and grow our clinic network will ensure that more people than ever before can shift away from the traditional model of sickness management to a new era of truly preventative healthcare.”

Rory Clarke, global relationship director at HSBC, said: “We are thrilled to support Randox as it continues its rapid growth, both overseas and here in the UK. This funding will streamline the banking side of the business, enabling it to focus on expanding its international presence and its direct-to-consumer business.”

Randox is set to expand further into international markets thanks to a £50 million funding package from HSBC UK. Pictured, from left, are Rory Clarke (HSBC UK), Adrian Doran (Randox CFO), James Cundy (HSBC UK), Dr Peter FitzGerald (Randox managing director), Cecilia Fortugno (COO Randox Biosciences)

James Cundy, head of corporate and leveraged finance at HSBC, said: “Delighted to be able to support a leading diagnostics company such as Randox. The financing we have provided will help support growth and further R&D in this important area of preventative healthcare.”

Randox has already invested over £400 million in developing its innovative biochip array technology which allows multiple diagnostic tests to be run simultaneously from a single blood sample.

The company manufactures a wide range of diagnostic reagents, tests and analysers for sale globally, with Randox Health’s network of 38 clinics in the UK, Ireland and the US, providing health screening and other services direct to the general public.

For more information, please contact public.relations@randox.com