A British hosiery manufacturer has invested £300k in new machinery as it prepares for growth.
Ultimate Finance has provided the asset finance facility to Pretty Legs Hosiery, which makes Saphena compression stockings at its factory in Lutterworth, Leicestershire.
The company is on target to manufacture 2.8m pairs of compression stockings this year and is forecasting to make 3.6m pairs next year, with 7.5m pairs being produced within five years.
The growth is being fuelled by an increased demand from both the UK healthcare and retail sectors.
Pretty Legs has also recently received FDA approval to sell into the American market.
Saphena compression stockings were developed 10 years ago by teams from the University College London’s academic vascular unit, Pretty Legs Hosiery and UCL BioMedical.
They were originally designed for the medical sector, but have since been adjusted to suit a wider audience.
Pretty Legs Hosiery managing director Richard Tudor said the company initially experienced difficulties in accessing funds from the bank.
“Although we were three quarters of the way to sorting out the finance deal it was taking far too long to conclude,” he added.
“In contrast, Ultimate Finance was extremely flexible and quickly calculated that we had plenty of capital in our existing machinery which we could use to buy the new machine.”